NYC-Area Development Receives $59M Financing

Cole Schotz P.C. arranged the construction loan on behalf of a joint venture, for the $95 million development of a 249-unit, mixed-use project in Mt. Vernon, N.Y.

By Evelyn Jozsa

42 Broad Street

42 Broad Street

Cole Schotz P.C. arranged a $59 million construction loan on behalf of a joint venture between Alexander Development Group, Bluestone Org. and J.P. Morgan Asset Management for the development of a $95 million, mixed-use project in Mt. Vernon, N.Y. Santander Bank and People’s United Bank provided the loan.

The project is located at 42 Broad St., W., in downtown Fleetwood, within three minutes of the Fleetwood Metro-North Station. Additionally, the property offers easy access to interstates 87 and 95. The 16-story project comprises 249 residential units and 11,324 net rentable square feet of first-floor retail space. The project also includes a four-story, 580-car capacity parking garage. Community amenities include:

  • fitness center
  • swimming pool
  • landscaped courtyard
  • roof decks
  • library
  • lounge
  • package room
  • concierge
  • green building design

The Cole Schotz team consisted of Partners Rab Nalavala and Roger Iorio, Special Counsel Stuart Rosen, Associates Danielle Pasquariello and Samantha Epstein and Paralegal Basira Miah.

Image courtesy of Cole Schotz P.C.

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