The developers of a sprawling waterfront development in Sleepy Hollow landed a $237.5 million refi.
Hudson Bay Capital provided the loan to Biddle Real Estate Ventures, King Street Capital and PCD Development for the 70-acre mixed-use development Edge-on-Hudson and a luxury 100-unit condo building within the development, according to a press release.
The fresh financing replaces a construction loan from Centennial Bank and Lionheart and will be used for additional development at the site.
A Walker & Dunlop team, including Jonathan Schwartz and Keith Kurland, arranged the loan.
SunCal and Diversified Realty Advisors bought the site in 2014 for $39.5 million. They developed a master plan for a $1 billion project on the site, where a giant General Motors plant churned out cars until shuttering in the 1990s.
Once completed, the development will include 1,177 residential units, a 140-room hotel and more than 16 acres of parkland 25 miles north of Manhattan. The project could be game-changing for a village with a population of just over 10,000.
Construction on the first phase started in 2018 and included condos and townhomes developed by Toll Brothers. It sold out prior to construction, according to the online publication Real Estate In Depth.
The project is now in its second phase, led by Manhattan-based Biddle and New Jersey-based PCD. That includes The Daymark, a 100-unit, 175,000-square-foot condo building with views of the Hudson River. Construction began in 2022, and 70 percent of the units are under contract.
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