Pacific Western Bank and Square Mile Capital Management jointly provided $ 181.91 million in financing for the construction of an apartment building in White Plains, New York.
The project includes the redevelopment of an empty office building into a 13-story Class A tenement building, the construction of a seven-story A-class tenement building and the construction of a six-story precast concrete garage.
It is being developed by an enterprise made up of Rose Associates and other partners.
Pacific Western provided a $ 134.51 million loan for the senior site, while Square Mile Capital invested $ 47.4 million in preferred equity.
“Rose Associates is one of the preeminent property owners and developers in the New York City area, and we are delighted to partner with them and Square Mile Capital to deliver new high-quality housing in downtown White Plains.” said Patrick Crandall, Executive Vice President, Managing Director of Pacific Western Bank’s National Real Estate Lending East Region.
Matt Drummond, Managing Director of Square Mile Capital, added: “This is a well thought out and timely project delivered by great sponsors with a great vision. There is no doubt that this will transform the Downtown White Plains by providing attractive affordable housing at market prices that will serve the needs of the community for years to come. We are pleased to have the opportunity to participate in the capitalization of this project. “
The refurbished office tower, located at 440 Hamilton Avenue in White Plains, will feature a 13-story 255-unit apartment building called The Lofts and will include 3,400 square meters of ground floor retail space.
The new seven-story timber-framed building will provide an additional 213 apartment buildings on the site. The overall structure of the apartments will include eight percent of the units designated as affordable, and the remaining 92 percent of the units will be available at market price.
The entire complex will offer a full range of amenities including an outdoor pool and fitness center. Adjacent garage for 575 cars.
Amy Rose, President and Chief Executive Officer of Rose Associates, said: “We are very excited about the start of construction on the 440 Hamilton and we strongly believe in the Westchester market. We are thrilled to be working with PacWest and Square Mile. “
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