New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
WBP, L+M Close on Loan for New Rochelle MF
Wilder Balter Partners (WBP) and L+M Development Partners closed on a $49.2-million construction loan with M&T Bank to develop 25 Maple Ave. in downtown New Rochelle, NY. It’s the first new project in this Westchester County city to start construction since the COVID-19 pandemic.
“We strongly believe in the renaissance of New Rochelle and are excited to continue our work here,” said William Balter, president and co-founder of WBP.
WBP and L+M formed a joint venture to develop the site, formerly a municipal parking lot, in 2018. Construction on the project is slated to begin this month and is estimated to take two years.
Financing was arranged directly with M&T Bank. The 184-unit rental project benefits from a property tax abatement and other incentives granted by the New Rochelle Industrial Development Authority, and will contribute funds toward the redevelopment of Anderson Plaza in downtown New Rochelle.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
