Capital One Provides $118M Construction Loan for Yonkers Apartments
- Dec 15, 2016
New York—Capital One announced it served as the lead bank for a $118.3 million construction loan for the development of Larkin Plaza, a mixed-use apartment complex in Yonkers, N.Y. The project sponsor is RXR Realty in partnership with Rising Development.
“Transit-oriented developments are generally attractive for a host of reasons and Larkin Plaza really ticks every one of those potential boxes,” Peter Welch, senior vice president at Capital One told Multi-Housing News. “The project will offer luxury apartments just a block from Metro North, a short commute to Grand Central and the two towers that comprise Larkin Plaza will have a significant retail component. It was our pleasure to work with RXR to provide this financing and we look forward to seeing how Larkin Plaza continues the transformation of downtown Yonkers.”
Consisting of more than 567,000 square feet, Larkin Plaza will offer 439 luxury apartment units, including 17 affordable rate units divided amongst the 25- and 17-story residential towers. Residents will have access to amenities such as a three-story parking facility with 589 spaces, concierge services, a landscaped roof terrace with outdoor seating, a resident lounge with a media center and billiards, views of Van Der Donck Park, the Hudson River and the Palisades cliffs, a business center with Wi-Fi and on-site restaurants and retail. Each building will also feature a ground floor retail component and will be linked by a two-story retail building with a roof deck that faces the Saw Mill River Promenade.
During the last 10 years, the City of Yonkers invested more than $1 billion in redeveloping its downtown, including a newly renovated train station, the Saw Mill River daylighting and promenade project and adding a new public library. For Larkin Plaza, the Yonkers Industrial Development Agency approved a 20-year PILOT abatement. The three-year interest-only adjustable-rate loan has two one-year extension options, the first of which is also interest only. The second extension will amortize on a 30-year schedule, meaning that under certain circumstances, the $118.3 million loan may be upsized to $124.4 million.
“We are extremely excited to kick off this transformational development,” said Michael Maturo, president of RXR, in prepared remarks. “The location offers an excellent opportunity to take advantage of and reinforce the momentum we’ve seen in downtown Yonkers.”
Image courtesy of RXR Realty