Gary Barnett secured refinancing for the primary part of his Hudson Piers mission that he’s betting will assist flip Yonkers into New York Metropolis’s subsequent residential frontier.
NewBridge Lending and Meridian Capital offered Extell Growth with $185 million to refinance the primary part of the 1,400-unit luxurious growth, changing a industrial mortgage from Wells Fargo and a mezzanine mortgage.
The primary part includes two seven-story, mixed-use buildings often called Piers 3 and 4, positioned at 45 and 55 Riverside Drive, with 369 luxurious residences, ground-floor retail, and parking. Pier 3 has already completed building and is presently leasing residences beginning at round $2,000 for studios and $5,000 for 3 bedrooms, whereas Pier 4 remains to be being constructed. The event, formerly known as Point Street Landing, began welcoming tenants final yr and can finally embody 1,400 residences and 4 public parks. Every of the mission’s six buildings are anticipated to open inside a yr of one another.
Hudson Piers is the most recent in an ongoing redevelopment of the previously industrial coast of downtown Yonkers set in opposition to the Hudson River reverse the Palisades. The world will quickly function a 1.5-mile-long riverfront promenade backed by buildings from builders RXR, Rose Associates, and AvalonBay.
The Yonkers growth has benefited from beneficiant tax breaks from town authorities, which awarded Extell $21 million in tax breaks for the mission.
“We’re speaking about an administration that’s very professional housing,” mentioned Moshe Botnick, who leads growth at Extell.
Although Extell’s bread and butter remains New York City, the developer has not too long ago pursued properties outdoors town, together with close by Pier Village in New Jersey, Philadelphia, and even far-flung developments in Park City, Utah.
“We’re actually opportunistic generally,” mentioned Botnick. “We don’t have a particular rubric of what we search for.”
Botnick, nonetheless, sees Yonkers as an extension of Extell’s New York Metropolis choices.
“Over the previous 20 years, we’ve seen, already, locations like Hoboken, Jersey Metropolis, Bushwick, Dumbo — all of those locations develop into widespread, and that is actually the pure subsequent step in that very same story,” Botnick mentioned of Yonkers.
The deal marks the third financing Meridian Capital has organized via NewBridge Lending, a bridge-to-agency platform based by former Wells Fargo govt Stender Sweeney final yr. The transaction was positioned by Meridian’s Zev Karpel, Elliot Birnbaum and Ariel Taieb in what Karpel described as a “extremely structured transaction with a number of shifting components.”
Learn extra
Yonkers goes bonkers: Inside the city’s development boom
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong
Gary Barnett buys Park Avenue dev site for $500M
