Recent News

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The F. D. Rich Company is a century old enterprise whose proud legacy has been built upon a long standing tradition of developing real estate projects of the highest caliber.

• BANK OZK, 3650 CAPITAL LOAN $91M FOR CONNECTICUT MULTIFAMILY PROPERTY

  An affiliate of development firm F.D. Rich Company has secured $91 million in construction financing to build the Coastline, a 198-unit multifamily property in Stamford, Conn., Commercial Observer can first report. 

  Bank OZK provided a $59 million senior loan, while 3650 Capital — using the firm’s Real Estate Credit Solutions platform — originated $32 million in mezzanine financing. No broker was listed on the transaction. 

  In a statement, Jonathan Roth, 3650 Capital co-founder and managing partner, described the Coastline as a property that carries “outsized potential,” and described the Downtown Stamford submarket as one benefiting from a lack of new supply, recent population growth, and strong household income levels.  

  “We believe the development, which is less than one block from the highly amenitized Bedford Street, is poised for great success and will offer Stamford residents an exciting new option to live in a downtown core with abundant dining, retail and entertainment options,” said Roth. 

  Located at 130 Broad Street in Downtown Stamford, a city just 40 miles north of Manhattan and set along the shoreline of the Long Island Sound, the Coastline will stand 13 stories tall and encompass 181 market-rate and 17 below-market-rate apartments. 

  The building will also hold 4,500 square feet of ground-floor retail space and a three-level parking facility containing 208 spaces. Other amenities include a pool, an outdoor lounge, a dog run and dog spa, a fitness center, a children’s play area, an event space, conference rooms, and a bocce ball court. 

  The property is a five-minute drive from the Stamford Transportation Center, which connects to Manhattan’s Grand Central Terminal and Amtrak lines that run up and down the East Coast. 

  Thomas L. Rich, president of the F.D. Rich Company, which is based in Stamford and has been a longtime investor and developer in the submarket, said in a statement that the city has benefited from five decades of urban renewal, largely because of its proximity to New York and ability to attract companies in the financial services, health care, and corporate headquarters space. 

  “Downtown Stamford offers a favorable environment for this property to capture demand from young professionals and commuters seeking quality rental housing, superior amenities and transit connectivity,” he added. 

  The Coastline is expected to be completed in summer 2027.

  Bank OZK, 3650 Capital Loan $91M for Connecticut Multifamily Property

  

• F. D. RICH COMPANY SELLS RESIDENCE INN BY MARRIOTT NORWALK

  Stamford, CT based F. D. Rich Company is pleased to announce the sale of the Residence Inn by Marriott Norwalk, the number one hotel in the Fairfield County market, for $31.0MM which equates to $304,000 per room.

  The sophisticated 8-story Residence Inn by Marriott Norwalk opened in June of 2019 and features 102 spacious extended stay suites, each with a full kitchen, and onsite self and valet parking. Impressive gathering areas include an inviting double height lobby and mezzanine space, and a spectacular rooftop terrace featuring expansive views of Norwalk Harbor and beyond. Amenities include a lobby bar & café with lite fare, business center, an on-site market and SONO SKY, a rooftop bar open to the public. Social or business functions for up to 40 can be accommodated in the luxurious on-site meeting space. The Residence Inn by Marriott Norwalk is just a short walk from the Metro North Train Station and all that South Norwalk has to offer.

  

• F. D. RICH COMPANY COMPLETES SALE OF THIRD APARTMENT COMMUNITY IN SIX MONTHS

  Stamford, CT based, F. D. Rich Company is pleased to announce the recent sale of three Class A apartment communities that the Company developed (with partners) totaling 422 units in size and $175MM in total sales proceeds.

  Summer House Stamford, located at 184 Summer Street and completed in 2016, sold in February of 2022.  The building is the second tallest apartment community in the vibrant downtown area and is within an easy walk to restaurants, hotels, shopping and to the University of Connecticut’s downtown Stamford branch.  The building is 22 stories in height, contains 227 homes, includes a full complement of luxurious amenities, is home to the upscale restaurant Flinders Lane, and has a daily commuter shuttle to and from the Stamford Transportation Center.  The project was not only conceived and developed by the F. D. Company but, under the direction of the F. D. Rich Management Company, reached full occupancy within 10 months after opening. 

  The architect for Summer House Stamford was Lessard Design of Vienna, VA who has completed three other projects for the F. D. Rich Company and its partners.  Those efforts include Park Tower Stamford, which opened in 2010, a 35-story luxury condominium project that at 350 feet in height, remains Stamford’s tallest building by a wide margin.  In 2017, the 82-unit Bedford Hall Stamford was completed and in the same year, the 66-unit SONO Pearl in South Norwalk, CT opened for occupancy.

  Harbourside SoNo, located at 123 Water Street, South Norwalk, CT, is a 129-unit super-luxe apartment complex offering resort-like living including South Norwalk’s only rooftop pool, with expansive views over Norwalk Harbor and Long Island Sound.  The project, which was developed by F. D. Rich Company in partnership with Fuller Development and Spinnaker Real Estate Partners, was completed in 2020 and sold in late 2021.  Harbourside SoNo was designed by a collaboration between Beinfield Architects and Gooding Architects and under the direction of F. D. Rich Management Company, the project achieved 100% leased within 9 months after opening, speaking to its overall attractiveness.

  Lastly, the company also sold the SONO Pearl, located at 101 Washington Street, South Norwalk, CT.  The project is a 66-unit, 5-story, boutique luxury apartment community that includes a private and publicly accessible parking garage and first-class amenities, including a roof top sun deck with panoramic vistas of Norwalk Harbor and Veterans Memorial Park. 

  The SONO Pearl, like most F. D. Rich Company multi-family housing developments, has an unusually high Walk Score due to its proximity to numerous restaurants, shops, movie theaters, grocery stores as well as urban transit.  It is located in the true heart of historic South Norwalk, CT where between 2008 and 2019, the F. D. Rich Company had been the primary property owner of a collection of historic late 19th century buildings that comprise much of Washington Street in SONO. 

  The Company also owns the 102-room Residence Inn by Marriott, South Norwalk, which it opened in June of 2019. The 8-story hotel, with onsite self and valet parking, has the only rooftop bar and restaurant featuring panoramic views of Norwalk Harbor and beyond, contributing to its position as the number one hotel in the Fairfield County market.

  Thomas L. Rich, President and CEO of F. D. Rich Company, said “It’s always bittersweet for our team when we sell a property that we put our hearts and souls into to create. Some of the most satisfying aspects of building apartments for us is witnessing the community that takes root and in seeing the friendships that are created amongst the residents. At F. D. Rich Management, we happily take our customer service role to the next level and our tenants, who become our friends, take comfort in knowing we are always there for them above and beyond the call.” 

  

• HARBOURSIDE SONO RIBBON CUTTING CEREMONY
  Harbourside SoNo, a new 6 story 129-unit luxury apartment community, held a ribbon cutting ceremony on Wednesday, June 23, 2021. Occupancy at Harbourside SoNo commenced in January 2021 and 85% of units have already been committed. Located at 123 Water Street in South Norwalk, CT, Harbourside SoNo is only a short walk to area marinas, Washington Street’s vibrant retail and restaurant scene, the South Norwalk train station, the SoNo Collection Mall featuring Nordstrom’s and Bloomingdale’s, and the 35-acre Veteran’s Memorial Park & Marina. Harbourside SoNo features an expansive amenity package including Norwalk’s only rooftop pool with panoramic harbor and LI Sound views, alfresco dining areas with grills and fire pits, a rooftop party room with fire place and catering kitchen, a club room with an adjacent outdoor terrace, a resident lounge with entertaining kitchen and billiards table, a state of the art fitness center with attached yoga studio with Fitness On Demand™, a private conference room and plentiful on-site parking with electric vehicle charging stations. Apartment types range from beautiful Jr. 1 bedrooms to spacious 2 bedrooms + den. There is on-site personal and bike storage. The community is “smoke free” and “pet-friendly” featuring a private dog-run along the perimeter of the property. The project also features 4,000 square feet of ground floor office/retail space fronting on Water Street. Black Bear Wines and Realty ONE have each leased 1,100 square feet with the remaining 1,800 square feet available for a third commercial tenant. Project financing was supplied by M&T Bank. The project was conceptualized by the F. D. Rich Company but was jointly developed by Rich, Fuller Development and Spinnaker Real Estate Partners. The distinctive building was designed by Beinfield Architecture and brought to life by Gooding Architecture, two firms who have contributed greatly to the growing Norwalk, CT skyline. Contact the on-site leasing team today at (203) 957-7200 to schedule an appointment for a private viewing. For additional information, visit www.HarboursideSoNo.com. Leasing and management is handled by the F. D. Rich Management Company. Drop anchor at Harbourside SoNo…Another RICH Residential Experience!
• THE RICH FOUNDATION PLEDGES $100,000 TO STATE STREET DEBATING SOCIETY, LTD. BY ESTABLISHMENT OF THE GOCHBERG AND RICH FAMILY SCHOLARSHIP FUND FOR EDUCATION

  The Rich Foundation announces a $100,000 gift for the establishment of the Gochberg and Rich Family Scholarship Fund for Education.

  Rich Foundation and F. D. Rich Company President/CEO, Thomas L. Rich, who was honored on March 10, 2020 as SSDS’s 72^nd Man of the Year, said in his announcement:

  “We make this donation in memory of Lawrence Gochberg, who was instrumental in helping to usher in Stamford’s modern era.  Larry would be thrilled to know that higher education is being furthered in his name right in his hometown.  We thank State Street for providing this pathway to get scholarship funds to qualified High School graduates from Stamford Schools who would not otherwise be able to go to college.”