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Westchester MF Property Lands $93M Refi
A joint venture between Alexander Development Group, The Bluestone Organization, and JP Morgan Asset Management-advised investors has secured a $93 million loan to refinance 42 West Broad St., a luxury 16-story rental property in Mount Vernon, New York. Canadian institutional lender Otera Capital provided the loan.
Nestled in Fleetwood, 42 West Broad St boasts 249 units featuring studios, one-, two-, and three-bedroom apartments. The property spans over 20,000 square feet dedicated to amenities, including a fitness center, a heated pool, and a sprawling 17th-floor roof deck complete with outdoor kitchens, dining spaces, and a fireplace. There is also an upper-level lounge with billiards and an entertaining kitchen, co-working spaces, private conference rooms, a library, courtyard garden and community room.
The property is the first Class-A apartment community in the U.S. to be designed to Passive House standards. JLL arranged the financing with a team led by Kellogg Gaines and Geoff Goldstein.
- ◦Sale/Acquisition
