Greystone Provides $22.7 Million Bridge Financing for Bright Ravens Development's Hotel-to-Multifamily Conversion in Danbury

Greystone has provided $22.7 million in bridge financing to refinance Innovation Studios, a 200-unit adaptive reuse multifamily property at 18 Old Ridgebury Road in Danbury, Connecticut. The loan was originated by Arvind Bajaj, Senior Managing Director at Greystone, and supports Bright Ravens Development as the project completes its final redevelopment work and continues lease-up operations.

Deal Structure and Use of Proceeds

The bridge loan refinances existing debt on Innovation Studios and provides capital to complete the remaining redevelopment work at the property. Leasing at Innovation Studios began in August 2025, and the property remains in active lease-up. Bright Ravens Development, led by Dan Bertram, is an adaptive reuse developer with a track record of multifamily development in the Danbury market.

"Greystone understood both the complexity of an adaptive reuse project and what we are seeking to accomplish at Innovation Studios," said Dan Bertram of 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."

Arvind Bajaj framed the transaction as a fit for Greystone's bridge lending capabilities. "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," Bajaj said. "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."

Property Overview: Innovation Studios

Innovation Studios occupies a 10-story former Crowne Plaza hotel that Bertram acquired in 2001 for approximately $8 million. After years of underperformance in its hotel format, the asset was repositioned into a mixed-use multifamily building totaling approximately 473,705 square feet. The conversion produced 200 apartments comprising 160 micro-studio units of roughly 330 square feet and approximately 40 one-bedroom units of roughly 660 square feet, along with substantial commercial and amenity space.

The property's amenity program includes approximately 20,000 square feet of makerspace, co-working space, community rooms, a fitness center, a sport court, and a rooftop deck. A coffee shop, additional co-working space, an art gallery, and a gastropub are open to the public, positioning Innovation Studios as a mixed-use community hub on Danbury's west side. The property has convenient access to Interstate 84, U.S. Routes 7 and 202, and Interstate 684, connecting residents to employment centers, shopping, and services throughout greater Danbury and the broader Fairfield County region.

Asking rents at Innovation Studios have been marketed in the range of $1,625 to $2,225 per month for studios and one-bedrooms. Danbury's Planning Commission granted special exception and site plan approvals for the hotel-to-apartments conversion in 2025, enabling the project to move forward under an Apartment House/Mixed Use designation.

CoStar Recognition and Market Context

Innovation Studios was named the 2026 CoStar Impact Award winner for Multifamily Development of the Year for Westchester County and Southern Connecticut. CoStar cited the project's creative hotel-to-apartment conversion, with the award selected by an independent panel of local industry professionals. CoStar also noted that the mixed-use property incorporates a makerspace, art gallery, and other spaces designed to foster collaboration and community.

The project reflects broader trends in Fairfield County, where adaptive reuse of underperforming hospitality assets has emerged as one avenue for adding multifamily supply. Innovation Studios' unit mix — targeting remote workers, creatives, and small business owners with live-work configurations — represents a distinct positioning within the Danbury rental market. Units were delivered on a phased basis beginning in August 2025, with floors coming online at a pace of roughly one per month during the initial lease-up period. Active marketing of available units indicates the property had not yet reached stabilized occupancy at the time of the financing.

About the Parties

Greystone is a commercial real estate finance company offering bridge, multifamily, and other lending products. Arvind Bajaj serves as Senior Managing Director at the firm and originated this transaction. Bright Ravens Development, led by Dan Bertram, focuses on adaptive reuse multifamily development in the Danbury market.

Sources: Greystone press release, September 8, 2026