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.
[REW] — Holden Walter-Warner