Hudson River Mixed-Use Project Gets $238M in Financing
Some of the project's residential components are nearing completion.
Edge-on-Hudson, a transit-oriented mixed-use community and the The Daymark, a luxury condo development received a $237.5 million refinancing loan. The communities, located in Sleepy Hollow, N.Y., are part of the larger Edge-on-Hudson mixed-use development.
Hudson Bay Capital Provided the funding to developer Biddle Real Estate Ventures and investment partner King Street Capital Management. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella, Christopher de Raet, and Stanley Cayre of Walker & Dunlop’s New York Capital Markets team arranged the refinancing package.
Upon completion, the project will include 1,177 multifamily units, 135,000 square feet of retail space, 35,000 square feet of offices and a 140-key hotel. Parks, communal spaces, walking trails, and a waterfront promenade are part of the amenities package.
The Daymark, which topped out on construction in February of last year, has 100 luxury residences across 175,735 square feet of space. Its retail component covers 9,120 square feet. More than 70 percent of the residences have been sold, and the first move-ins are expected in September.
The property has easy access to Manhattan, located roughly 15 miles to the south.
More construction activity on the Hudson River
With many prospective residents priced out of New York City proper, areas surrounding the Hudson River are ripe opportunities for mixed-use development.
Also in Westchester county, leasing is launching this spring at Extell Development’s Hudson Piers, a mixed-use riverfront development on 20 acres along the Downtown Yonkers waterfront.
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Earlier this week, Tishman Speyer landed $331 million construction loan for 50 Hudson, the second phase of a planned two-building project that will include nearly 2,000 multifamily units and 70,000 square feet of retail space.
In August, Related Cos., Oxford Properties Group, and Wynn Resorts unveiled Hudson Yards West, the $12 billion next phase of the Hudson Yards mixed-use megaproject.
