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New York & Tri-State  + Long Island  + Finance  |  March 19, 2025
Paul Bubny
By: Paul Bubny

North River Originates Construction Loan on Valley Stream Apartments

North River Partners and funds managed by AB CarVal closed on a $20-million construction loan secured by The Wellington, a ground-up 63-unit multifamily development in Valley Stream, NY. Spearheaded by Invictus Construction Management, the development marks a significant addition to the area’s residential market. North River Partners, a New York City-based real estate lender specializing in bridge and construction financing, originated the loan.

The Wellington is set to deliver a contemporary five-story building featuring 63 market-rate residential units, two elevators, and ground-floor parking. The Town of Hempstead Industrial Development Agency has approved a 15-year Payment in Lieu of Taxes (PILOT) program, providing substantial economic incentives to the project, including mortgage recording and sales tax exemptions.

“The Wellington not only meets the growing demand for high-quality rental housing in Valley Stream but also leverages excellent transportation connectivity and robust local amenities” said Jeff Rosenfeld, managing partner of North River Partners.

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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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