Bridge Investment JV Lands $126M for New York Tower
The 390-unit community came online two years ago.
A joint venture between RXR and Bridge Investment Group has obtained a $126.4 million loan to refinance Two Clinton Park, a 390-unit luxury community in New Rochelle, N.Y. Berkadia arranged the eight-year Fannie Mae loan that features full-term, interest-only payments over 35 years.
The ownership completed the 28-story tower in 2024 using funds from a $150 million construction loan dating back to June 2022, according to Yardi Matrix information. CDPQ originated that note.
The high-rise, which was 93 percent leased at the time of the deal, is at 50 Clinton Place. The community is close to multiple dining options and about 1 mile from the city center. Lower Manhattan is 24 miles southwest.
Multifamily originations in the first quarter of this year registered a 49 percent in the dollar volume of loans compared to a year ago. However, this figure dropped 28 percent quarterly, showing that financing activity has yet to fully align with the rebound in multifamily transaction activity.
Two Clinton Park, up close
The property came online as part of a partnership between RXR and the City of New Rochelle to revitalize the city’s downtown area. The firm is the project’s master developer and has invested more than $1 billion in this redevelopment, which includes other communities such as One Clinton Park, 360 Huguenot and 11 Garden Street, totaling more than 1,000 units.
Two Clinton Park comprises studio, one- and two-bedroom layouts ranging from 461 to 1,197 square feet, as well as penthouse residences and almost 7,600 square feet of retail space. Select layouts have private terraces.
Common-area amenities include a fitness center, spa and sauna, screening room, pet spa, along with coworking lounges and concierge services. The property also has outdoor terraces with grilling stations and fire pits, along with a children’s playroom.
