Hunt Mortgage Group Provides $28M Loan to Recapitalize, Renovate Mixed-Use Property in Stamford, Conn.

STAMFORD, CONN. — Hunt Mortgage Group has provided a $28 million first mortgage bridge loan to facilitate the recapitalization and renovation of a mixed-use multifamily and commercial property in Stamford. Park Square West Apartments is a nine-story property located at 101 Summer St. The property was built in 1999 and includes 143 residential units, two commercial spaces and a 213-space parking garage. The unit mix features 10 studios, 64 one-bedroom units, 64 two-bedroom apartments and five three-bedroom units. The two-year floating rate loan includes three options to extend the term for a period of 12 months each. The residential component is currently 92 percent occupied and the commercial component is 100 percent occupied. The loan also includes a $703,000 capital improvement reserve, which will go toward renovations. Additional improvements planned include interior renovations of 48 of the property’s units, including replacing countertops and cabinets, flooring upgrades, installation of new lighting, bathroom fixtures and kitchen appliances. Property amenities include a concierge, shuttle service, valet dry cleaning, roof deck, fitness center, garage parking and a ground floor restaurant.