Family Office Backs $76 Million Connecticut Office Conversion With Equity

The unnamed family office committed $32 million alongside a $75.5 million Bank OZK construction loan for a 286-unit apartment project in Norwalk.

By the Family Office Real Estate Daily Desk·Sunday, September 6, 2026·1 min read

Editorial summary of reporting byCommercial Observer Our editorial standards →

The answer · checked against Commercial Observer

What family office backed the Norwalk Connecticut office-to-apartment conversion and on what terms?

A joint venture between Saber-Hightower and Granoff Real Estate has secured $75.5 million in construction financing from Bank OZK, plus $32 million in JV equity from an undisclosed family office, to convert two eight-story office buildings in Norwalk, Connecticut into a 286-unit apartment complex called M7 Lofts. Greystone Capital Advisors negotiated the transaction.

Key facts

Bank OZK provided a $75.5 million construction loan to a joint venture between Saber-Hightower and Granoff Real Estate for the M7 Lofts development in Norwalk, Connecticut, according to Commercial Observer.
An undisclosed family office committed $32 million of JV equity alongside the Bank OZK construction loan, according to Commercial Observer.
The M7 Lofts project will convert two eight-story office buildings at 101 and 201 Merritt 7, located within Merritt 7 Corporate Park, into 286 apartments.
The two buildings are situated 10 miles northeast of Downtown Stamford, Connecticut, and less than a five-minute walk from the Merritt 7 Metro-North train station, according to Commercial Observer.
Greystone Capital Advisors negotiated the transaction with a team consisting of Drew Fletcher, Paul Fried, Bryan Grover and Jesse Kopecky.

Family Office Backs $76 Million Connecticut Office Conversion With Equity — Image: editorial illustration · Story sourced from Commercial Observer

A joint venture between Saber-Hightower and Granoff Real Estate closed $75.5 million of construction financing from Bank OZK for an office-to-residential conversion in Norwalk, Connecticut. The financing will fund the conversion of two eight-story office buildings into 286 apartments at the Merritt 7 Corporate Park development. The sponsors also secured $32 million of joint-venture equity from an undisclosed family office.

The project, known as M7 Lofts, will transform buildings at 101 and 201 Merritt 7 into a single apartment complex. Greystone Capital Advisors negotiated the transaction with a team consisting of Drew Fletcher, Paul Fried, Bryan Grover and Jesse Kopecky. Fletcher is president of Greystone Capital Advisors.

The two buildings are part of a six-building office park located 10 miles northeast of downtown Stamford. The property sits less than a five-minute walk from the Merritt 7 Metro-North train station. The converted buildings will include a fitness center, coworking space and an outdoor pool deck.

"This was a compelling adaptive-reuse opportunity that required a financing strategy tailored to the sponsor's long-term business plan," Fletcher said in a statement.

Marty Berger, managing principal of Saber-Hightower, said the buildings could serve Fairfield County better as housing than office space. "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," Berger said in a statement.

Bank OZK did not immediately return a request for comment.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The disclosed equity commitment of $32 million against a $75.5 million construction loan implies roughly 30 percent equity in the capital stack. If the all-in basis approximates $107.5 million, the project pencils to roughly $376,000 per apartment unit before lease-up costs. Family offices considering similar adaptive-reuse co-GP positions should model total capital at risk as the equity commitment plus any sponsor-level guarantees on unfunded construction draws or operating shortfalls during stabilisation.

Office conversions with secured construction debt and rail adjacency offer a route into multifamily supply without ground-up greenfield risk, but only when the sponsor has documented conversion experience and the lender has underwritten construction-cost contingencies. The undisclosed family office here joined a joint venture rather than taking an LP commitment to a conversion fund, suggesting a preference for asset-level control and the ability to approve material change orders during construction.

Family offices should underwrite to the comparable apartment rents within a half-mile walk of the Metro-North station and stress-test delivery-year vacancy against new multifamily supply already permitted in Fairfield County. The amenity package described in the source is standard for class-A suburban multifamily and does not justify a rent premium without leasing velocity data. Avoid conversion deals where the sponsor cannot demonstrate that the existing building systems support residential code compliance without replacing mechanical, plumbing or life-safety infrastructure.

Questions this story answers

01Who provided the construction financing for the Norwalk office-to-residential conversion?

Bank OZK provided a $75.5 million construction loan for the M7 Lofts development in Norwalk, Connecticut. The borrower is a joint venture between Saber-Hightower and Granoff Real Estate. An undisclosed family office also contributed $32 million in JV equity. Greystone Capital Advisors negotiated the transaction.

02What is the M7 Lofts project and where is it located?

M7 Lofts is a 286-unit apartment project converting two eight-story office buildings at 101 and 201 Merritt 7 in Norwalk, Connecticut. The buildings are part of the six-building Merritt 7 Corporate Park, located 10 miles northeast of Downtown Stamford and less than a five-minute walk from the Merritt 7 Metro-North train station.

03What amenities are planned for the M7 Lofts apartment conversion?

According to Commercial Observer, the two office buildings will be combined into one apartment complex with amenities that include a fitness center, coworking space and an outdoor pool deck.

04Why did Saber-Hightower pursue this office-to-residential conversion in Fairfield County?

Marty Berger, managing principal of Saber-Hightower, said in a statement that the buildings are well-located and can serve Fairfield County far better as housing than as office, and that the property's proximity to transit and existing infrastructure at Merritt 7 support creating a differentiated residential experience.

05Which advisors arranged the financing for the M7 Lofts deal?

Greystone Capital Advisors negotiated the transaction. Drew Fletcher, president of Greystone Capital Advisors, led a team that also included Paul Fried, Bryan Grover and Jesse Kopecky, according to Commercial Observer.

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Original reporting

Commercial Observer

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