Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 30, 2025 25 POWE R 25 | RE AL ESTATE Clayton Fowler C layton Fowler is the CEO of South Norwalk-based Spin- naker Real Estate Partners, a major player in key development projects in lower Fairfield County, Hartford and New Haven. Spinnaker, which manages mixed-use, commercial and multi- family properties throughout the U.S., has completed more than $1.5 billion in acquisition and development projects since the 1950s. In Norwalk, Spinnaker is nearing completion of Mill Pond, a 77-unit, three-story mixed-use development at 1 Cemetery St. The ground-up project, which is near the East Norwalk Metro-North train station, features a public access plaza over- looking Mill Pond. The developer is working on numerous other multifamily housing developments statewide, including The Anthem Square at 10, a mixed-use development on the site of the former New Haven Coliseum that, when fully built out, will include 500 apartments, and office, retail and lab space. The firm is also working on 20 Fair St., a six-story apartment building in New Haven that will have retail space and amenities on the first floor and 168 apartments on the other five floors. In Hartford, Spinnaker is rede- veloping the former Connecticut General Life Insurance Co. head- quarters, at 55 Elm St., into 55 Elm Club, a 164-unit apartment building with 20,000 square feet of commercial space. Throughout a career spanning nearly 40 years, Fowler has led Spin- naker in building more than 7,500 housing units nationally with concen- trations in the northern suburbs of New York City and Portland, Oregon. Spinnaker's portfolio includes more than 4 million square feet of office, industrial, hotel and adaptive reuse projects. A Princeton alum, Fowler has been active in the community, including with the Norwalk Chamber of Commerce, Maritime Aquarium, Fair- field County's Community Foundation and Stamford Boys & Girls Club. Robert J. "Bob" Palermo R obert J. "Bob" Palermo is the senior commercial loan officer for Torrington Savings Bank, and he's had a signif- icant impact on the community lender since joining it in late 2023. In fact, 2024 was a record year for TSB's commercial lending group, which closed just over $90 million in new commercial loans — 95% of which were commercial real estate deals. Of the $87 million in commercial real estate loans, approximately 35% were construction loans for multifamily apartment projects — one of the hottest asset classes in Connecticut being propelled by the demand for new housing. Palermo said TSB's strong capital position allowed it to execute on a strategic decision to grow the bank's commercial portfolio as a means to diversify its historically significant residential loan portfolio. Through at least the first three quarters of 2024, TSB had the fastest-growing commercial loan portfolio of any bank headquar- tered in Connecticut, according to a Hartford Business Journal analysis Igal Namdar I gal Namdar isn't a household name in Connecticut, but he's having an outsized influence on the state's commercial real estate market. His firm — New York-based Namdar Realty Group — is by far the largest owner of Connecticut mall properties. Namdar Realty has been an aggressive buyer of distressed retail properties in Connecticut and across the country. The company's latest acquisition in the state was the 1.3-million-square- foot Shoppes at Buckland Hills mall in Manchester, which it purchased out of foreclosure in March for $25.8 million. Namdar Realty owns four other malls in Connecticut: Meriden Mall, Enfield Square Mall, Crystal Mall in Waterford and Trumbull Mall. In addition to retail properties, Namdar Realty has also been eyeing distressed office buildings. The company earlier this year bought the mortgage on the 30-story, 340,247-square-foot Goodwin Square office tower, at 225 Asylum St., in downtown Hartford. Namdar's business model has, at times, caught the ire of local officials, including those in Enfield who have criticized the company in the past for not maintaining upkeep on the Thomas L. Rich T homas L. Rich has continued F.D. Rich Co.'s storied history as a prominent Fairfield County developer and architect of Stamford's skyline since taking over the company's reins from his father, the late Robert Rich, in 1996. Stamford projects completed under his leadership include Park Tower Stamford, a 35-story, 160-unit condominium complex built in 2010 at 1 Broad St., which is the city's tallest building; and Summer House Stamford, a 22-story, 280-unit apart- ment complex constructed in 2016 at 184 Summer St. Rich has overseen many other developments in the city, such as the 2005 construction of a six-story, 173,712-square-foot Target Super Store, at 21 Broad St., and a nine-story, 115-room Courtyard by Marriott. F.D. Rich — which Thomas Rich's grandfather, Frank D. Rich Sr., founded in 1920 — constructed many other buildings that still define the city's skyline, including the 22-story, 300,000-square-foot Landmark Square office building, at of federal bank lending data. "As a result of that success in 2024, we expect to see strong demand for 2025 originations, but it will be more modest in terms of the percentage of commercial loan growth," Palermo said. "We will convert many of the construction loans that were originated in 2023 and early 2024, and watch as they begin to season." Palermo has nearly 40 years of commercial real estate lending experience, including stints at Stamford-based Bankwell, GE Capital, Summit Bank and the former People's United Bank. In his current role, he's respon- sible for leading a team of commercial lenders, loan admin- istrators and treasury manage- ment professionals who have a statewide lending footprint. Enfield Mall. According to the Wall Street Journal, Namdar Realty has bought "dozens of failing shopping centers at rock-bottom prices, extracting cash by cutting costs to the bone. They appeal their property assessments to lower their tax bills, while main- tenance issues such as parking-lot sinkholes fester." Namdar recently defaulted on its loan for the Trumbull Mall in Connecticut. Namdar founded his firm in 1999, and has grown it since then to become one of the 10 largest retail landlords in the United States, according to the firm's website. It often acquires properties with its private equity investment partner, Mason Asset Management. One Landmark Square, in 1973. In the 1980s, it built Four, Six, Eight and Ten Stamford Forum, which includes five buildings reaching 15 and 16 stories high that contain a total of 1 million square feet of office space in downtown Stamford. Thomas Rich is an alum of Boston University's School of Management. He also leads the Rich Foundation, which, according to its website, has given out over $8 million to a variety of Stamford area nonprofits involved in the arts, education, health care and social services. Rich has served on various boards, including the Boys and Girls Club of Stamford.

• Cover