New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
RXR’s New Rochelle Apartments Land $131M Loan
Capital One served as the lead bank for a $131.2-million construction loan for the ground-up development of 26 South Division, a 28-story, mixed-use apartment tower in New Rochelle, NY. The sponsor is RXR Realty, which is serving as master developer for the City of New Rochelle. The 42-month interest-only floating-rate loan has two extension options.
26 South Division St. will feature 352 market-rate apartments and more than 12,000 square feet of retail. The development is a major component of RXR’s redevelopment plan for the city, which also included the opening of their 360 Huguenot property this past summer.
“At a time when prospective renters face difficult trade-offs between quality housing and ease of commute, New Rochelle is a natural extension of the transit-oriented story that has developed in places like Long Island City, portions of Brooklyn and Jersey City,” said Capital One VP Prithvi Mohan.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
