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 02:55 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





    Related Articles

    arrow_forward_ios
    NRIA Fund president Rey Grabato and 360 Main Street in Hackensack (NRIA, Google Maps, iStock)
    Resi project in Hackensack threatened by bankruptcy, alleged fraud
    Resi project in Hackensack threatened by bankruptcy, alleged fraud
    Beechwood Organization's Steven Dubb and a previous rendering of Country Pointe Elwood (Beechwood Homes)
    Developer nixes age restriction on 385 homes planned at elusive Elwood site
    Developer nixes age restriction on 385 homes planned at elusive Elwood site
    Anthony "Fat Tony" Salerno and the Rhinebeck horse farm (Hudson Modern, Getty)
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Rhinebeck farm once owned by mob boss lists for $1.5M
    Long Island Board of Realtor's Tessa Hultz (LIRealtor.com, HomeForAllOfUs.org, iStock)
    How not to discriminate: Long Island Realtors launch fair housing effort
    How not to discriminate: Long Island Realtors launch fair housing effort
    Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    NRIA Fund president Rey Grabato (LinkedIn, iStock)
    Bankrupt NJ developer accused of $630M fraud
    Bankrupt NJ developer accused of $630M fraud
    Julia Koch and 840 Meadow Lane in Southampton (Getty Images, Tim Davis/Corcoran)
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Friends of Bay Street Chairman Adam Potter and rendering of new affordable housing and commercial space (LinkedIn, BHC Architects, Illustration by Kevin Cifuentes for The Real Deal)
    Affordable housing project proposed for Sag Harbor
    Affordable housing project proposed for Sag Harbor
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...