Rose Associates JV Obtains $113M

Affinius Capital provided a loan refinancing the suburban New York community.

The community at 57 Alexander St. in Yonkers, N.Y.
Alexander Crossing also features 44 units destined as affordable. Image courtesy of Affinius Capital

A joint venture between Rose Associates and Battery Global Advisors has obtained $112.7 million for the refinancing of Alexander Crossing, a recently completed 440-unit community in Yonkers, N.Y. Walker & Dunlop secured the note through Affinius Capital.

Previous financing includes a $107.4 million construction loan originated in May 2021 from Bank of America, according to Yardi Matrix information. Two months later, Yonkers Industrial Development Agency also provided $3 million for the development.

The Class A community broke ground in November 2021 and was topped out in 2022. Partners on the project included general contractor Callahan Construction Managers and architecture firm Perkins Eastman.

READ ALSO: Why Multifamily Finance Is Poised to Come Back to Life

The seven-story building comprises studio, one-, two- and three-bedroom layouts. Units range from 436 to 1,354 square feet and feature balconies and patios in select layouts. Of the total, 44 apartments are designated as affordable.

Common-area amenities include an outdoor heated swimming pool, terraces with grills and outdoor games, a fitness center, a two-story resident’s lounge and a coworking lounge, as well as a multisport simulator. The property also features a game room, a bike room, EV charging stations and a 443-space parking garage.

The 4-acre property is in downtown Yonkers at 57 Alexander St., close to the Yonkers Metro North train station and the Hudson River waterfront. John F. Kennedy International Airport is within 26 miles, while Manhattan is 15 miles southwest.

A Walker & Dunlop team led by Senior Managing Directors Jonathan Schwartz, Aaron Appel, Keith Kurland and Adam Schwartz, along with Managing Director Sean Reimer and Senior Director Sean Bastian, arranged the financing.

Rose Associates’ recent multifamily activity

Rose Associates’ current multifamily portfolio consist of about 29,000 units under management across the nation. The company also has projects worth more than $1 billion in different development stages.

In February, a joint venture between Rose Associates and DTH Capital obtained a $395 million refinancing for 70 Pine St., a mixed-use property in New York City. The building includes 612 multifamily apartments, a 165-key Mint House hotel and more than 39,000 square feet of retail.

You May Also Like