Strategic Capital Scores $70M Loan for NY Tower
- Jul 05, 2019
Strategic Capital has received a $70 million fixed-rate loan for River Club at Hudson Park, a multifamily tower on the Hudson River waterfront in Yonkers, N.Y. Guggenheim provided and Newmark Knight Frank (NKF) arranged the long-term financing for the 213-unit community, which received its temporary certificate of occupancy last December and is currently being leased.
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The new building is the third and final phase of the larger transit-oriented Hudson Park redevelopment scheme. River Club at Hudson Park, the tallest residential tower on the Yonkers riverfront, is located at 63 Wells Ave., north of Manhattan in Westchester County. The property is situated a block away from the Yonkers station of the Metro-North Railroad with rapid service to Manhattan’s Grand Central station.
The high-end community offers 22 studio apartments, 128 one-bedroom units and 63 two-bedroom units, with an average size of 774 square feet. The units feature luxury finishes and floor-to-ceiling windows and are equipped with ButterflyMX smartphone video intercoms. Amenities include 24/7 concierge service, fitness center, rooftop lounge and bar, and the only indoor pool in Yonkers.
Dustin Stolly and Jordan Roeschlaub, vice chairmen & co-heads of debt and structured finance, led the NKF team along with Chris Kramer, Dan Fromm and Nick Scribani. Roeschlaub said in a prepared statement that strong leasing momentum and the property’s desirable location allowed the team to procure the financing prior to stabilization.
Progress for Chinese-backed builder
Strategic Capital, the investment platform of China Construction America—itself a subsidiary of construction giant China State Construction Engineering Corp.—started work on the tower in September 2015. The 733-unit Hudson Park development broke ground in the early 2000s, with Phase I, Hudson Park South, being completed in spring 2003. Phase II, Hudson Park North, was wrapped up in spring 2008.
The same developer recently held an open house for Shore House, one of a pair of luxury condo buildings forming the Park and Shore development in Jersey City, N.J. Strategic Capital and general contractor Plaza Construction topped out the development last year.