Greystone announced that it arranged $75.5 million in construction financing and $32.0 million in JV equity on behalf of Saber-Hightower LLC and Granoff Real Estate for the office-to-residential conversion of M7 Lofts, a 286-unit multifamily project in Norwalk, Connecticut. Greystone Capital Advisors served as financial advisor on the transaction, with a team including Drew Fletcher, Paul Fried, Bryan Grover, and Jesse Kopecky. The construction loan was provided by Bank OZK, and the JV equity commitment was provided by a confidential family office.
M7 Lofts is an adaptive-reuse project at 101 and 201 Merritt 7 that will convert two existing eight-story office buildings into a residential community. Plans include approximately 55,000 square feet of indoor and outdoor amenities — a fitness center, co-working space, an outdoor pool deck and lounge areas, and landscaped private gardens. Residences are designed with loft-style layouts, open floor plans, floor-to-ceiling windows, and 11-foot ceilings. The property sits less than a five-minute walk from the Merritt 7 Metro-North station, with commuter access to Stamford, Greenwich, and New York City.
"These are well-located buildings that can serve Fairfield County far better as housing than as office," said Marty Berger, Principal of Saber-Hightower LLC. "By leveraging the existing infrastructure at Merritt 7 and the property's proximity to transit, we can create a differentiated residential experience while giving these buildings a new purpose. We appreciate Greystone's assistance in developing a financing strategy that supports our vision."
"This was a compelling adaptive-reuse opportunity that required a financing strategy tailored to the sponsor's long-term business plan," said Drew Fletcher, President of Greystone Capital Advisors. "We were thrilled to represent Saber-Hightower and Granoff Real Estate in assembling the capital needed to move this conversion forward."