Young Cos. JV Lands $77M Refi for New York Property
Cerberus Capital Management provided the bridge loan.
A joint venture between Young Cos. and Phil Craft has secured a $77.2 million refinancing loan for The Rockwell, a 114-unit community in New Rochelle, N.Y. Greystone helped the borrower secure the bridge financing from an affiliate of Cerberus Capital Management.
The five-story property comprises studios and one- to three-bedroom floorplans ranging from 627 to 1,338 square feet, according to Yardi Matrix data. Units feature high-end finishes, above-standard ceiling heights and washers and dryers. Community amenities include a gym, clubhouse, rooftop terrace and on-site parking. The first floor comprises 21,000 square feet of retail space that is already fully leased to CVS, Smokehouse Tailgate Grill, Finish Line PT and Kung Fu Tea.
Located at 585 North Ave., the community offers access to New York City via several thoroughfares, including Interstate 95, which is 1 mile south of the property. Several dining, retail and entertainment options are also located within 1 mile of the community.
The Greystone Capital Advisors team that closed the loan in less than 30 days comprised President Drew Fletcher, Managing Director Matthew Klauer and Associate Jesse Kopecky. The Cerberus team included Managing Director Pankil Doshi and Associate Cierra Taylor.
Last month, Greystone also arranged the $143 million refinancing of a New York community, this time in Brooklyn. The company worked on behalf of RXR Realty, the owner of the 363-unit 475 Clermont.