A group of institutional investors and Santander Bank and People’s United Bankhave provided a combined $91.6 million to developers Alexander Development Group and The Bluestone Organization for the pair’s planned 249-unit transit-oriented, multifamily building at 42 Broad Street West in Mount Vernon, HFF announced .
The financing was arranged by HFF’s David Giancola and Geoff Goldstein.
The investor group-advised by J.P. Morgan Asset Management-provided $32.6 million in joint venture equity, while Santander and People’s United Bank teamed up to provide $59 million in construction financing.
“I am thrilled to work on such a transformative project with such great partners and advisors whose collective efforts will enable us to deliver to the City of Mount Vernon one of the most amenitized and energy efficient rental properties in Westchester County,” Alexander Development Group Principal Mark Alexander said in prepared remarks. Alexander did not immediately return a request for comment.
The building was designed by global architecture firm Perkins Eastman, and the developers broke ground on the project last summer, according to a project fact sheet from Alexander Development Group.
When completed, the roughly 354,000-square-foot building-located in Fleetwood, a neighborhood of Mount Vernon-will be 16 stories tall and will include more than 16,000 square feet of amenity space, 12,000 square feet of ground-floor retail space and a four-story, 580-space parking garage connected to the building. The property will house studio, one-, two- and three-bedroom rentals.
The building’s amenities include a swimming pool, a fitness center, a courtyard, multiple roof decks, a library, a lounge, a package room and a concierge.
Alexander Development Group has experience in the Fleetwood neighborhood of Mount Vernon, having developed a Class-A rental community in the area in 2011 called The Horizon at Fleetwood, located at 550 Locust Street. The building has 101 rental units, according to Rent.com.
(Source: Commercial Observer)