Berkadia Secures $126M Refi on 99% Occupied New Rochelle Apartments
Berkadia secured a $126.407-million loan to refinance Two Clinton Park, a 28-story luxury apartment tower with 390 residences and 7,574 square feet of ground-floor retail space at 50 Clinton Pl. in downtown New Rochelle, NY. The loan is a Fannie Mae Near Stabilization execution, a conventional, eight-year loan featuring full-term interest-only payments amortized over 35 years.
Managing director Brad Williamson of Berkadia Miami and senior managing director Chris Ellis of Berkadia Denver, along with managing director Paul Patafio of Hudson Realty Capital, arranged the financing on behalf of the sponsors, RXR and Bridge Investment Group, with support from senior managing director Mitch Sinberg and managing directors Scott Wadler, Matthew Robbins, Kevin Batt, Brian Huff and Matt Schildwachter.
The property, completed in 2024, is now 93% occupied. “The strength of the sponsorship, combined with New Rochelle’s pro-development framework and continued population growth, made this an exceptionally compelling financing opportunity for the agency market,” said Williamson.
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Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout