Stamford based F. D. Rich Company announced today the closing of 3 separate financing transactions as follows:
- $16 million first mortgage refinancing covering a 100,000 SF office and retail portfolio in South Norwalk, CT. The loan was provided by Signature Bank and proceeds were used as take out financing to repay TD Bank. David Harte and David Robinov of Ackman Ziff represented the borrower, TR Sono Partners, LLC a Rich affiliate.
- $13 million construction loan for the development of the SONO Pearl, a 66 unit rental apartment complex which has started construction on Washington Street in South Norwalk, CT. The loan was provided by RBS- Citizens Bank. David Harte and David Robinov of Ackman Ziff represented the borrower in this transaction.
- $59 million construction loan for the development of the 22 story, 224 unit Summer House Apartments being constructed on lower Summer Street in Stamford, CT. The loan was provided by US Bank. Additional Summer House partners include New York City based HIG Realty Partners and the Andalex Group. Thomas C. Blair of Integrated Finance Capital, LLC represented the borrowers.
Company President, Thomas L. Rich said, "We are very fortunate to have the opportunity to work with such an incredible group of banks and we look forward to working together with them to build successful projects that will not only be financially sound but also, a credit to the communities in which they are built.”
F. D. Rich Company is a privately owned enterprise whose primary focus is the development, acquisition and management of real estate. Throughout its history, the Company has built over 50 million square feet. In 1960, the company was designated as the City of Stamford's sole re-developer where over the last 50+ years they have transformed Stamford’s downtown into a cosmopolitan 21st century city. The Company partners with world renowned architects, planners, hoteliers, business leaders and communities to create environments recognized for their superior quality and design.