Alexander Development Group and The Bluestone Organization have received $91.6 million in joint venture equity and first mortgage financing to build 42 Broad St. West, a new 16-story tower with 249 apartments in the Fleetwood neighborhood of Mount Vernon, NY.

“I am thrilled to work on such a transformative project … one of the most amenitized and energy efficient rental properties in Westchester County,” said Mark Alexander, principal with Alexander Development Group.

When it’s finished in 2019, the tower will stand next to the Fleetwood Metro-North commuter rail station with 16,000 square feet of amenity space, 12,000 square feet of ground-floor retail space and a connected, four-story, 580-space parking garage.

The financing includes a $59 million construction loan with Santander Bank and People’s United Bank, and $32.6 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. HFF’s David Giancola and Geoff Goldstein arranged the financing.

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