LCOR Obtains $94M to Build Tower With Green Power

Geothermal wells will heat and cool this suburban community.

247 N. Ave

247 North Ave. will be an all-electric property. Image courtesy of STUDIO V Architecture

LCOR has secured a $94 million loan for the development of a 307-unit multifamily development in New Rochelle, N.Y. Pacific Life provided the financing in a deal arranged by JLL.

This is LCOR’s second geothermal sustainable development, following the 463-unit 1515 Surf Ave. in Coney Island, Brooklyn. Construction has already begun, with completion slated for 2025’s second quarter.

Rising 28 stories, the community will comprise studio, one- and two-bedroom floorplans, with 31 units designated as affordable for individuals making 80 percent of the area median income. The property will also feature 1,800 square feet of ground-floor retail, along with 257 parking spaces.

The building will be heated and cooled via geothermal wells beneath the property in order to lower carbon emissions and significantly reduce utility costs. Amenities will include a swimming pool, a yoga studio, coworking spaces, a fitness center and tenant lounges.

Located at 247 North Ave., adjacent to the Regional New Roc movie theater, the site is roughly 24 miles from Brooklyn and some 8 miles from Yonkers. The property is also next to Highway 1, near Interstate 95 and less than two blocks from the New Rochelle train station, providing car-free access to Penn Station.

JLL’s Senior Managing Director Steve Klein and Director Robert Tonnessen led the team that represented the borrower in the transaction.

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