Ares Lands $78M Refi for New York Community
The owner will use the loan proceeds to retire $66 million in CMBS debt and continue rehabilitation of the partially affordable asset in Westchester County.
Ares Management has taken a $77.6 million refinancing package for its 416-unit The View at Nob Hill in Elmsford, N.Y. The Community Preservation Corp. originated the mortgage, which pays down a $66 million CMBS loan taken when Ares acquired the partially affordable property in 2018, Yardi Matrix shows.
The investor plans to use the new, seven-year Freddie Mac loan to continue rehabilitation work carried out over the past three years.
The View on Nob Hill offers a mix of one- to three-bedroom floorplans ranging between 652 and 1,162 square feet. Twenty percent of the property’s units are reserved for moderate- and low-income residents. The pet-friendly community, built in 1993 on 25.1 acres, offers outdoor picnic areas nestled between its 22 two-story buildings.
Located at 32 Nob Hill Drive, the property is a short distance from the Central Avenue retail corridor. The garden‐style community is 1 mile from Taxter Ridge Preserve, and Interstate 287 connects the asset to downtown White Plains, approximately 5 miles southeast.
In January, Ares made history with the single-family rental industry’s first-ever public-to-private transaction. In a $2.5 billion all-cash deal, the alternative asset manager added 14,500 single family rentals to its portfolio.