Greystone Provides Bridge Loan, Preferred Equity on New Rochelle Rentals
Greystone provided a $125.8-million bridge loan and arranged $19.5 million in preferred equity financing for The Alary, a newly completed 315-unit multifamily property located in New Rochelle, NY. The bridge loan was originated by Greystone’s Donny Rosenberg and Jared Kaufman, with preferred equity placement led by Greystone Capital Advisors’ Matthew Zisler.
The financing was structured as a three-year interest-only bridge loan with two six-month extension options. Forum served as the preferred equity partner.
The Alary marks the final phase of Allstate Ventures’ Westchester Place development, a multi‑building, transit‑oriented residential assemblage in downtown New Rochelle. Located at 33 Wescthester Pl., it features high-end condominium-style finishes, a rooftop pool and lounge with skyline views, coworking space, a golf simulator and other resort-style amenities.
The property is located in a rapidly transforming arts and culture district in Westchester County, within walking distance of a Metro-North station and a 35-minute commute to Midtown Manhattan.
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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