Home New loan Mixed-use development in New Rochelle secures $ 77 million loan

Mixed-use development in New Rochelle secures $ 77 million loan


Young Companies President / CEO Robert Young and The Rockwell at 585 North Avenue in New Rochelle NY (Apartments.com, Young Companies)

The Rockwell, a mixed-use complex in New Rochelle, landed a $ 77.2 million refinancing plan from Cerberus Capital Management, according to the Commercial Observer.

The project is a joint venture between Young Companies and Phil Craft. The financing deal was organized by a team from Greystone Capital Advisors which included Drew Fletcher and Matthew Klauer, reports the Observer.

The development, located at 585 North Avenue, contains 114 apartment units, as well as 21,000 square feet of retail space. The retail space is fully occupied by CVS, Finish Line PT, Smokehouse Tailgate Grill and Kung Fu Tea.

Meanwhile, the residential area of ​​the development encompasses 135,000 square feet. The units range from studios to three bedroom apartments, the former from $ 2,650 per month. Facilities at the development include a rooftop lounge, gym and on-site parking.

New York-based Cerberus might have had some extra cash to spend after a 30-acre office campus it co-owned with Greenlaw Partners in the town of Brea, Orange County. The $ 165 million sale to Amazon was the most expensive office deal of the year in California County.

The Rockwell is not the only project in New Rochelle to benefit from a significant financial package in recent weeks. In mid-October, Scale Lending, a subsidiary of Slate Property Group, granted a $ 48 million construction loan to Allstate Ventures for a 14-story, 144-unit mixed-use building at 64 Center Avenue.

The building is the first of three developed by Allstate Ventures on adjacent lots in New Rochelle, forming the Westchester Place complex. The complex will eventually have 406 apartments, more than 11,000 square feet of retail space and 343 garage parking spaces, according to the Westchester Business Journal.

[CO] – Holden Walter Warner

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