Allstate Ventures Lands $145M Refi for Suburban New York Property

January 27, 2026

Finance & Investment Market Rate New York News More Northeast

Greystone facilitated the bridge loan and preferred equity.

Allstate Ventures has obtained a $125.8 million bridge loan and $19.5 million in preferred equity financing for The Alary, a recently-completed 315-unit multifamily property in New Rochelle, N.Y.

The three-year interest-only bridge loan was originated by Greystone’s Donny Rosenberg and Jared Kaufman, and it has two six-month extension options. The preferred equity placement led by Greystone Capital Advisors’ Matthew Zisler. Forum served as the preferred equity partner in the deal.

Completed in October, the Alary offers studios, one- and two-bedroom apartments. Units feature nine-foot ceilings, floor-to-ceiling windows, keyless entryways and custom-lit closets. The development’s kitchens come with appliances Fisher & Paykel and Beko, in addition to quartz countertops.

Common-area amenities at The Alary include a rooftop pool and lounge with skyline views of Westchester County and the Long Island Sound, as well as a coworking space and golf simulator. The community is transit-oriented, due to its location near the New Rochelle Station of the Metro North Railroad, which allows a 35-minute commute to Midtown Manhattan.

The Alary, designed by New York City-based Fogarty Finger Architects, sports a white terra-cotta façade and represents the final phase of Allstate Ventures’ Westchester Place development in downtown New Rochelle. The multi-building project also includes Arc House and The Atelier, two adjacent multifamily communities. Together, the three buildings total 524 residences, including market-rate and affordable units, plus nearly 7,500 square feet of retail, local galleries and studios.

Brisk borrowing in ’26

As interest rates have been sliding, CRE borrowers are more keen to borrow, including in the multifamily space. Multifamily debt grew to $2.24 trillion in the third quarter of 2025, up 1.8 percent from the second quarter and up 5.9 percent year-over-year, according to the Mortgage Bankers Association.

There will be more liquidity in the multifamily market in 2026, the result of an adjustment in purchase caps for Fannie Mae and Freddie Mac. The Federal Housing Finance Agency announced in December that the 2026 multifamily loan purchase caps for the GSEs would be $88 billion each, for a combined $176 billion in available liquidity for the multifamily market.

The FHFA further emphasized it will continue to track the multifamily market in 2026, and may increase the caps if market activity exceeds initial expectations. The goal, the agency stated, is to ensure continued liquidity under shifting economic conditions.