Guggenheim Finances Luxury Hudson River Multifamily Project With $70M Loan
By Cathy Cunningham July 2, 2019 6:00 pm
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Strategic Capital has scored a $70 million fixed-rate loan for the River Club at Hudson Park—a 213-unit multifamily development on the Hudson River in Yonkers, N.Y., Commercial Observer has learned.
Guggenheim Commercial Real Estate Finance provided the debt in a transaction arranged by Newmark (NMRK) Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Daniel Fromm and Nick Scribani.
The 24-story property—which opened in February and is currently in the lease-up stage—represents phase three of the 16-acre Hudson Park Development Project being undertaken by Strategic Capital, the real estate investment arm of China Construction America. It joins Hudson Park South, a 266-unit luxury apartment building completed in 2003; and Hudson Park North, a 294-unit luxury apartment building completed in 2008.
River Club at Hudson Park is the tallest residential tower on the Yonkers waterfront and boasts views of the Palisades Cliffs as well as the Hudson River. Building amenities include an indoor pool, a fitness center, a rooftop lounge and a 206-space parking garage.
“The unmatched amenity package and unobstructed views make the River Club at Hudson Park the premier new multifamily property in Yonkers and will certainly continue to attract a vibrant tenant base,” Stolly said in prepared remarks.
“The quality of location and strong leasing momentum allowed us to procure long term, fixed-rate financing for the property prior to stabilization,” Roeschlaub added.
Officials at Strategic Capital could not be reached for comment. A spokesperson for Guggenheim did not immediately respond to a request for comment.
