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The Illustrator apartments rendering New Rochelle NY

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.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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  • ◦Financing
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