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Pacific Western, Square Mile Provide $182M Funding on White Plains Apartments
Pacific Western Bank and Square Mile Capital Management provided $181.91 million in funding for a multifamily development in White Plains, NY. A combination of redevelopment and new construction, it’s being developed by a venture of Rose Associates and other partners.
Pacific Western originated a $134.51-million senior construction loan, while Square Mile made a $47.4-million preferred equity investment.
“Rose Associates is one of the preeminent owners and developers in the New York region, and we are pleased to partner with them and with Square Mile Capital to bring new, high-quality housing to downtown White Plains,” said Pacific Western’s Patrick Crandall.
Matt Drummond at Square Mile added, “This is a well-conceived, well-timed project pursued by excellent sponsors with great vision. There is no doubt that it will prove transformational for Downtown White Plains, providing attractive affordable and market-rate housing that will serve the needs of the community for years to come.”
- ◦Development
- ◦Financing
