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Greystone Arranges $35M Funding on New Rochelle Apartments
Greystone secured $35 million in financing for The Illustrator, a mixed-use residential development in New Rochelle, NY. The firm’s Drew Fletcher and Matt Klauer arranged a $14-million ground lease and a $21-million leasehold construction loan for developer The Young Companies.
The ground lease proceeds were provided by Haven Capital and the leasehold construction loan was provided by RMWC to finance the project, which will contain 75 apartments and 7,300 square feet of commercial space at 600 North Ave. In New Rochelle.
Young Companies’ CEO, Robert Young, is a lifetime resident of New Rochelle. His latest project is directly across the street from The Rockwell, a 114-unit property completed at the end of 2020.
“Greystone Capital Advisors delivered a fantastic execution, and we are very happy to have launched a relationship with Haven and RMWC,” said Young. “This complex execution required careful collaboration and I’m delighted with the results.”
- ◦Development
- ◦Financing

