New Rochelle mixed-use development snags $77M loan

Young Companies and Phil Craft JV scored package for The Rockwell

Tri-State /
Nov.November 12, 2021 08:30 AM
New Rochelle mixed-use development snags $77M Cerberus loan

Young Companies President/CEO Robert Young and The Rockwell at 585 North Avenue in New Rochelle (Apartments.com, Young Companies)

The Rockwell, a New Rochelle mixed-use complex, landed a $77.2 million refinancing package from Cerberus Capital Management, according to the Commercial Observer.

The project is a joint venture between Young Companies and Phil Craft. The financing deal was arranged by a Greystone Capital Advisors team that included Drew Fletcher and Matthew Klauer, the Observer reports.

The development, located at 585 North Avenue, contains 114 apartment units, as well as 21,000 square feet of commercial space. The retail space is fully occupied by CVS, Finish Line PT, Smokehouse Tailgate Grill and Kung Fu Tea.

Meanwhile, the residential area of the development encompasses 135,000 square feet. Units range from studio apartments to three-bedroom spreads, the former starting at $2,650 per month. Amenities at the development include a rooftop lounge, a gym and on-site parking.

New York-based Cerberus may have had some extra cash to spend after it a 30-acre office campus it co-owned with Greenlaw Partners in the Orange County city of Brea. The $165 million sale to Amazon represented the priciest office deal of the year in the California county.

The Rockwell is not the only project in New Rochelle to receive a significant financing package in recent weeks. In mid-October, Slate Property Group affiliate Scale Lending issued a $48 million construction loan to Allstate Ventures for a 14-story, 144-unit mixed-use building at 64 Centre Avenue.

The building is the first of three being developed by Allstate Ventures across adjacent lots in New Rochelle, forming the Westchester Place complex. The complex will ultimately boast 406 apartments, more than 11,000 square feet of retail space and 343 garage parking spaces, according to the Westchester Business Journal.

[CO] — Holden Walter-Warner





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