Rose Associates Receives $ 182 Million Building Loan in White Plains

0
31

[ad_1]

  440 Hamilton Avenue in White Plains and Rose Associates, CEO Perkins Eastman, Rose Associates

440 Hamilton Avenue in White Plains and Rose Associates, CEO Perkins Eastman, Rose Associates

The planned Rose Associates apartment complex in downtown White Plains is one step closer to reality after the developer received a financing package of $ 182 million.

After completion, the refurbished 13-story building at 440 Hamilton Avenue – currently a vacant office building – will have 255 apartments, as well as 3,400 square feet of retail space on the ground floor, according to Real Estate Weekly.

The construction of an additional seven-story building on the site will add another 213 units, bringing the total number of project facilities to 468 units, 8 percent of which will be kept available. The developers also plan to build a six-story garage for 575 cars.

Pacific Western provided a $ 134.5 million senior construction loan, while Square Mile Capital added $ 47.4 million in preferred equity investments.

Amenities in the central building will include a fitness center and outdoor pool.

Three years ago Westchester County Industrial Development Agency approved financial incentives for the renovation of the former AT&T building, according to Real Estate Weekly. At the time, the estimated benefits of IDA included $ 3.3 million in sales tax exemptions and nearly $ 1.7 million in mortgage registration tax exemptions.

[REW] – Holden Walter-Warner

[ad_2]

Source link