The $22.7 million loan will refinance debt and fund remaining work on the 200-unit conversion of a former Crowne Plaza hotel.
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A 200-unit apartment development in a former Danbury hotel has received $22.7 million in bridge financing to refinance existing debt and fund the remaining redevelopment work.
Real estate lender Greystone provided the financing for Innovation Studios, an adaptive reuse of the former 10-story Crowne Plaza hotel at 18 Old Ridgebury Road on the city’s West Side.
Bright Ravens Development, led by Dan Bertram, purchased the former hotel for $8 million in November 2021 and has redeveloped it into studio and one-bedroom apartments, along with commercial and amenity space. Leasing began in August 2025.
Amenities include coworking and community spaces, a fitness center, sport court, rooftop deck, makerspace and art gallery. A coffee shop and gastropub are open to the public.
