JV Refinances NYC-Area Apartments With $116M from Fannie Mae
Walker & Dunlop arranged the financing, which replaces a package from 2021.
A joint venture between Rose Associates and Battery Global Advisors has refinanced Alexander Crossing, a 440-unit Class A multifamily property located in downtown Yonkers, N.Y., with a $116 million five-year, fixed-rate loan from Fannie Mae.
A Walker & Dunlop Capital Markets Institutional Advisory team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno, Sean Bastian and Jack Krentzman arranged the financing for the transit-oriented community, located at 57 Alexander St.
The same Walker & Dunlop team arranged a $112.7 million loan from Affinius Capital in July 2024 to refinance the asset. That loan replaced a previous funding package which included a $107.4 million construction loan originated in May 2021. The Yonkers Industrial Development Agency also provided $3 million for the development in July 2021.
Work on the waterfront
The developers broke ground on Alexander Crossing in November 2021 with a team led by general contractor Callahan Construction Managers and architecture firm Perkins Eastman. The project was topped out in 2022 and completed in 2024.
The seven-story building has a mix of studios, one-, two- and three-bedroom floorplans ranging averaging 854 square feet. Rents range from $2,096 to $4,919, according to Yardi Matrix data. There are 44 designated affordable apartments in the building.
The units feature above-standard ceiling heights, washers and dryers, stainless steel appliances, quartz countertops, custom cabinetry and digital locks. Select units have kitchen islands and private balconies or patios.
READ ALSO: Will Multifamily Construction Turn the Corner in 2026?
Common-area amenities include a rooftop terrace, AN outdoor heated swimming pool, terraces with grills and outdoor games, a fitness center, AN two-story resident lounge and coworking area. The property also features a game room with multisport simulator, a bike room, EV charging stations and a 443-space parking garage.
The 4-acre property is located 2.3 miles from the New York City border along the Hudson River. Alexander Crossing is situated near the Yonkers Metro-North train station which offers a 30-minute express train ride to Grand Central Terminal as well as Amtrak service. The asset is 15 miles northwest of Manhattan and about 26 miles from John F. Kennedy International Airport. Nearby highways include the Saw Mill River Parkway, Cross County Parkway and New York State Thruway, also known as Interstate 87.
There are several shopping centers a short drive away including Cross County Shopping Center, Ridge Hill, Stew Leonard’s and Costco.
Recreation offerings include the Yonkers Paddling & Rowing Club, Yonkers Tennis Center, Hudson River Greenway Path and Tibbetts Brook Park.
New York City refi
Based in New York City, Rose Associates is a developer, owner and operator of premium residential properties. The firm has $20 billion assets under management, including a 30,000-unit pipeline valued at nearly $1 billion.
In February 2024, a joint venture between Rose Associates and DTH Capital secured a $395 million refinancing for 70 Pine St., a luxury mixed-use property in Manhattan’s financial district. Goldman Sachs provided the funds, which were used to pay off a $386 million loan originated by the investment bank in 2019, according to Yardi Matrix data. Originally built in 1932 as an office property, the building was converted to a residential property in 2016. The site now has 612 apartments, a 165-key hotel and more than 39,000 square feet of retail space.
