RXR Realty has received a $105 million loan from Rialto Capital Management to refinance 360 Huguenot, a 28-story, 280-unit, mixed-use high-rise building in downtown New Rochelle, N.Y.
Details about the loan were not disclosed. JLL Capital Markets worked on behalf of RXR to arrange the refinancing. The team was led by Executive Managing Director Mike Tepedino, Senior Managing Directors Michael Gigliotti and Kelly Gaines, Senior Director Jillian Mariutti, Associate Phil Cadorette and Analyst Joy Dracos.
The property was completed in July 2019 and was the first high-rise residential tower delivered in New Rochelle, a city in Westchester County, N.Y., just north of New York City, since 2007. RXR was designated by New Rochelle as master developer for the downtown in July 2014. Since then, the firm has worked with the city to construct three separately phased residential projects. RXR recently completed One Clinton Park, a 28-story, mixed-use tower that includes 352 market-rate apartments and more than 13,000 square feet of retail space. RXR, in partnership with Greystar Real Estate Partners, launched leasing for the property in January. The firm is expected to deliver Two Clinton Park, another 28-story, mixed-use building, in 2024. Two Clinton Park will feature 390 market-rate apartments. The location of the development is minutes from the New Rochelle train station, which delivers direct access to Midtown Manhattan in 30 minutes.
360 Huguenot Details
360 Huguenot is also near the train station and residents can walk there in about 8 minutes. The building has 294 parking spaces and 13,539 square feet of Class A retail space in five ground-floor suites fronting New Rochelle’s busy downtown district. 360 Huguenot has 252 market-rate apartments and 28 affordable units for residents earning up to 80 percent of the area’s median income.
The property has a mix of studio, one- and two-bedroom units in a variety of layouts with premium features for higher-floor units. Features in the residences include stainless steel appliances, hardwood floors, smart-door locks and expansive windows. Community amenities include a 24/7 concierge, state-of-the-art fitness center with a yoga studio, private indoor/outdoor lounge for residents, a valet parking garage and regular events for residents.
Gaines said in a prepared statement the building is an example of a high-quality, best-in-class property with spectacular views that draws in prospective residents from all over Westchester County.
Gigliotti noted in prepared remarks the building had a fast lease-up and has market-leading rental rates. He said the property has capitalized on years of pent-up demand for affordable and market-rate housing in the area and has proven to be an exceptionally attractive investment opportunity.