Building a Residential Renaissance in Stamford
Beginning in 2012, we represented Greenfield Partners with its development, financing and sale of a newly-completed multi-story luxury apartment building in the heart of downtown Stamford. Located across from the Government Center at 75 Tresser Boulevard, the site formerly housed the printing presses for the Stamford Advocate and the Greenwich Time and now contains more than 300,000 square feet of rentable space, including a pool, fitness center, on-site garage and nearly 6,000 square feet of retail space located on the first floor.
To finance this project, we represented the client in closing a $69 million construction loan from PNC Bank in July 2012. Development of the site entailed drafting and negotiation of multiple utility easements, construction staging licenses and environmental remediation. Early in the construction, we drafted and negotiated a build-to-suit purchase and sale agreement, which resulted in the sale of the project in August 2014 for $120 million, upon issuance of certificates of occupancies for the residential units. Post-sale, we continue to represent the client in connection with construction completion matters, including administration of post-closing escrows.