New York & Tri-State + New York + Finance | August 23, 2023

LCOR Secures $94M for New Rochelle Geothermal Apartment Tower

LCOR, a real estate investment, development, and management firm has secured a $94 million construction loan for 247 North Ave., a 28-story all-electric residential geothermal project in downtown New Rochelle.

The development will offer 307 rental units, ground-floor commercial space, and parking for 257 vehicles. Utilizing geothermal wells for heating and cooling, the project aims to reduce carbon emissions and lower utility costs. Construction is underway and expected to be completed in Q2 2025.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Bob Tonnessen and Steven Klein.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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