Rose Associates lands $182M loan for White Plains multifamily project
Posted On August 23, 2021
Rose Associates’ planned multifamily housing complex in downtown White Plains is one step closer to reality after the developer secured a $182 million financing package.
Once completed, the redeveloped 13-story building at 440 Hamilton Avenue — currently a vacant office tower — will have 255 units, as well as 3,400 square feet of ground floor retail space, according to Real Estate Weekly.
Construction of an additional seven-story building on the property will add another 213 units, bringing the project’s total to 468 units, 8 percent of which will be preserved as affordable. The developers also plan to build a six-story garage with room for 575 parking spaces.
Pacific Western provided the $134.5 million senior construction loan, while Square Mile Capital added a $47.4 million preferred equity investment.
Amenities at the downtown building will include a fitness center and an outdoor pool.
Three years ago, the Westchester County Industrial Development Agency approved financial incentives for the redevelopment of the former AT&T building, according to Real Estate Weekly. The estimated IDA benefits at the time included $3.3 million in sales tax exemptions and almost $1.7 million in a mortgage recording tax exemption.SOURCE: The Real Deal
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.