Rose Associates lands $182M loan for White Plains multifamily project

468-unit complex to be redeveloped from vacant 13-story office building

Tri-State /
Aug.August 23, 2021 03:15 PM
 440 Hamilton Avenue in White Plains and Rose Associates CEO Amy Rose (Perkins Eastman, Rose Associates)

440 Hamilton Avenue in White Plains and Rose Associates CEO Amy Rose (Perkins Eastman, Rose Associates)

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





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