A rendering of a proposed apartment building at 777 Summer St. in Stamford, CT

Image courtesy of Toll Brothers

National homebuilder and apartment developer Toll Brothers announced it’s secured financing to build a 355-unit multifamily rental complex in an area of class B office buildings just north of downtown Stamford.

Capital One and Comercia Bank provided the $94 million construction loan for the project at 777 Summer St. The debt was arranged by Toll Brothers’ in-house Finance Department with JLL advising on the equity financing.

Formerly the site of a 3-story, midcentury office building demolished in 2019, the 2.52-acre lot is currently empty. An LLC controlled by Toll Brothers bought the property in 2019 for $29 million, according to city property records. The property is located in an Opportunity Zone along with several ageing office buildings constructed in the early 1980s.

Downtown Stamford’s office market has been sluggish in recent years, with some landlords opting for multifamily conversions or redevelopments in the face of persistent vacancies. Rental listing aggregator Rent Cafe estimates the average rent for a one-bedroom unit in Stamford was $2,621 in February, with competitor site Zumper pegging the figure at $2,348.

A press release from Toll Brothers announcing the financing said the building, which is being built as a joint venture between its Toll Brothers Apartment Living division and CrossHarbor Capital Partners, will be a luxury product featuring a “resort-style” pool, club room, game room, coworking space, art studio, roof deck, coffee bar, pet wash, fitness center and high-speed WiFi property-wide. The site is near Stamford’s “restaurant row” on Bedford Street and within walking distance to the city’s MetroNorth train line, which connects the city to New Haven, Greenwich and Midtown Manhattan as well as to Boston and Washington, D.C. via Amtrak’s Acella high-speed train service.

The project will include 22 affordable units.

“We are excited for the opportunity to continue our expansion in the robust northeast market with our first multifamily rental community in Connecticut,” Toll Brothers Apartment Living President Charles Elliott said in a statement. “777 Summer will join a variety of other Toll Brothers Apartment Living projects across the region in bringing the elevated living experience that Toll is well known for to Stamford.”