A global investment management firm and a sustainable real estate financing company have provided a total of $165 million for phase two of The Corbin District, a mixed-use development in downtown Darien.
The first phase of the project was completed by Darien-based Baywater Properties in 2022.
The second phase, expected to be complete in 2026, will feature 11 new buildings, including 112 apartment units, 105,968 square feet of office space, and 78,810 square feet of retail space.
The new funding includes a $102 construction loan from global real estate investment manager Barings, and $63.3 million in Commercial Property Assessed Clean Energy (C-PACE) financing from Counterpointe Sustainable Real Estate.
Christopher Hoeffel, president of CounterpointeSRE, said it is the largest C-PACE assessment ever closed in Connecticut and takes advantage of a recent change in state law that expanded the program.
Greenwich-based CounterpointeSRE is owned by life insurer MassMutual.
The Corbin District sits on 7 acres between Interstate 95 and Darien’s Metro-North train station.
Business consulting firm McKinsey & Co. recently announced that it will move its growing Stamford office with 270 employees to The Corbin District.
According to an announcement from Barings, the property’s commercial spaces are nearly 80% pre-leased. Other tenants include professional service company Aon, Crestwood Advisors and Janney Montgomery Scott.
Charlotte, North Carolina-based Barings had more than $406 billion assets under management as of March 31.
