United Group Lands Construction Financing for New York Community

The 87-unit City Station North project is located in downtown Troy, N.Y. Image courtesy of United Group

The United Group of Cos. has secured construction debt from Berkshire Bank for the latest phase of its mixed-use development in Troy, N.Y. City Station North is set to be completed by November 2025.

The developer tapped QPK Design, Colliers Engineering & Design and Franco Construction Services for its project team. The developer also worked with Empire State Development, which provided a $1.7 million capital grant for the Opportunity Zone project.

Once completed, City Station North will offer 87 units at The Six at City Station residential building and 40,000 square feet of office space at The Station. The residential portion will have one- and two-bedroom units that will be built with nine-foot ceilings, quartz or natural stone countertops, walk-in showers, walk-in closets, stainless steel appliances, private balconies and in-unit washers and dryers. The community’s amenities will also include a clubroom, package center, fitness center, yoga room, rooftop terrace and bicycle storage room.

The Station office building will offer open floorplates that can suit a specific tenant’s needs and will feature electric car charging stations and 154 parking spots. City Station North will be located along Congress Street and Sixth Avenue, within walking distance to Rensselaer Polytechnic Institute’s campus and downtown Troy’s many restaurant and retail options.

City Station North represents the fourth phase of a multi-phase development that United Group has been working on. The overall project is meant to contribute to the revitalization of downtown Troy. Between 2009 and 2013, the company invested more than $60 million into City Station West, City Station South and City Station East.

New York state multifamily portfolio

Along with City Station North, United Group has more than 2,000 units under construction or in its development pipeline. Under its Apex community branding, the company is also working on the 220-unit Apex at Water Street in Binghamton, N.Y., the 222-unit Apex at Crossgates in Guilderland, N.Y. and the 220-unit Apex at Metro North in Cicero, N.Y.

United Group’s portfolio includes more than 25,000 units that have been developed or acquired, as well as more than 28,000 units managed. The vertically-integrated company also recently landed $35 million in financing for The Arbella at Bramble Hill, a 123-unit senior housing community in Worcester, Mass. that’s expected to be completed by the beginning of 2025.