UC Funds sold Park Square West in downtown Stamford, Connecticut, for $42m. The name of the buyer was not disclosed. UC Funds acquired the property in 2016 along with the Courtyard by Marriott Stamford Downtown hotel in an auction of assets that had been owned by Seaboard Properties. Park Square West has 143 apartments along with 10,000 sq ft of ground-floor retail space. The property, which includes 29 affordable units for renters earning 50 percent of the area median income, was 93 percent leased at the time of the sale.
Greystone provided a $33.7m Fannie Mae loan to the New Jersey-based buyer. The company secured a 12-year fixed-rate, five-year interest-only loan on behalf of the purchaser. “The Stamford market is the quintessential live-work-play neighborhood, with every option for dining, shopping and entertainment available to residents of Park Square West within just a few blocks,” said Greystone’s Dan Sacks “With its central location, recent renovations and affordability component, Park Square West is poised to be an in-demand property in the Stamford market for some time to come.
