Walker & Dunlop Inc. has arranged $147.5 million in debt and equity capitalization for the construction of 2 South Main, a landmark multifamily residence in downtown Port Chester, New York. Hyperion Group and co-developer AIP, working with general contractor LRC Construction, will deliver a 12-story, 355,000-square-foot building with 322 residences, state-of-the-art amenities, 330 parking spaces and 5,000 square feet of retail.
Walker & Dunlop Capital Markets served as exclusive advisor to the sponsorship group, a joint venture between Hyperion, Winter Properties and AIP. Mo Beler, Jonathan Paine, Cory Elbaum, Jackson Irwin and Dawson Jessee arranged the equity investment from Related Fund Management, while Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Stanley Cayre secured construction financing from Arbor Realty Trust. The project is in an Opportunity Zone and benefits from a 20-year PILOT agreement through the Port Chester Industrial Development Agency (IDA).
“The successful capitalization of 2 South Main demonstrates the continued demand for well-conceived housing developments that meet both market needs and community priorities,” said Beler, senior managing director of capital markets and co-head of equity and structured finance at Walker & Dunlop. “We structured and sourced the project’s construction financing and equity investment while leveraging public-sector incentives. This enabled us to deliver a comprehensive capital solution that positions the development for long-term success and supports the continued growth of downtown Port Chester.”
“We are delighted to bring this best-in-class residential community to the most desirable location in the heart of Port Chester, New York,” said Hyperion Principal and CEO Robert Vecsler. “2 South Main continues Hyperion’s strategy to identify urban-adjacent residential locations with independent economic and demand drivers. 2 South Main will set the standard for the residential experience in this market, offering state-of-the-art amenities and finishes, walkability to local shops, restaurants and entertainment, and proximity to the Metro-North Station, Westchester employment centers, as well as neighboring cities Rye and Greenwich.”
“It is an honor to build alongside such an exceptional best-in-class partnership and to help carry forward Port Chester’s strategic downtown vision,” said Scott Allen, founder and CEO of AIP. “2 South Main isn’t merely a building, it is a new front door and a new future for Liberty Square. Central to AIP’s endeavors are the people and the futures we help shape and 2 South main reflects that: it expands walkability, breathes new life into the street below, elevates urban living and strengthens connectivity through thoughtful, sustainably focused development.”
The Village of Port Chester and New York State have prioritized the revitalization of the downtown and waterfront, including the 120 acres surrounding the train station for redevelopment. A form-based zoning code adopted in 2020 established the framework for a transit-oriented development and a more connected, walkable community along the Byram River.
“Arbor Realty Trust is proud to provide construction financing for 2 South Main, a big step forward for a New York neighborhood, through our active and growing Arbor Private Construction (APC) lending program,” said David E. Friedman, executive vice president, chief credit officer, Non-Agency, and head of APC. “The landmark multifamily residence will create hundreds of housing units and advance Arbor’s commitment to enhancing the rental supply in communities across the United States.”
