NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided $22,700,000 in bridge financing to refinance Innovation Studios, a 200-unit multifamily property in Danbury, Connecticut. The financing was originated by Arvind Bajaj, Senior Managing Director at Greystone.
Innovation Studios is an adaptive reuse, former 10-story Crowne Plaza hotel at 18 Old Ridgebury Road. The property has been redeveloped into 200 apartments, comprising studio and one-bedroom residences, along with commercial and amenity space. The redevelopment includes co-working space, community rooms, a fitness center, sport court and rooftop deck, while a coffee shop, co-working space and gastropub are open to the public. The property is situated on Danbury’s west side, with convenient access to Interstate 84, U.S. Routes 7 and 202, and Interstate 684, providing connectivity to employment centers, shopping and services throughout the greater Danbury area and broader Fairfield County region.
The property was named the 2026 CoStar Impact Award winner for Multifamily Development of the Year for Westchester County/Southern Connecticut. CoStar cited the project’s creative hotel-to-apartment conversion in recognizing Innovation Studios, with the award selected by an independent panel of local industry professionals. CoStar reported that the mixed-use property also incorporates a makerspace, art gallery and other spaces designed to foster collaboration and community.
Greystone’s $22.7 million bridge loan will refinance existing debt and provide funding to complete the remaining redevelopment work as Innovation Studios continues its lease-up. The project is being developed by Bright Ravens Development, led by Dan Bertram, an experienced adaptive reuse developer with a track record of multifamily development in the Danbury market. Leasing at Innovation Studios began in August 2025.
“Innovation Studios is a compelling example of how adaptive reuse can transform an existing property into much-needed housing while creating a distinctive residential experience,” said Mr. Bajaj. “Dan and the Bright Ravens team have brought an ambitious vision to life, and the recognition from CoStar emphasizes the impact this project is having in the Danbury community. We are pleased to provide a bridge financing solution that supports the property through the final stages of redevelopment and lease-up.”
“Greystone understood both the complexity of an adaptive reuse project and what we are seeking to accomplish at Innovation Studios,” said Dan Bertram, Bright Ravens Development. “Their bridge platform gives us the flexibility to complete the property and continue building occupancy as we bring this unique community to its full potential.”
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
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Fran Del Valle
fran@influencecentral.com
