NY-Area Developer Nabs $32M Refi on Luxe Resi Project in New Rochelle

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A private investor named Robert Leaf, under an ownership entity by the name of Millennia Apartments NR LLC, has locked in $32 million to refinance a new luxury apartment development in New Rochelle, N.Y., called The Millennia, Commercial Observer has learned. 

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The two-year bridge loan retired roughly $25 million in construction debt provided by Trevian Capital in 2019. The loan will help wrap the final stages of construction and subsequently stabilize the asset, according to information from Black Bear Asset Management subsidiary and advisory firm Black Bear Capital Partners (BBCP), which sourced and arranged the new financing. 

MF1 Capital, a multifamily bridge lending and preferred equity platform founded in 2018 with the backing of CBRE, originated this refinance. 

BBCP’s Bryan Manz, Emil DePasquale and Philip Bowman secured the financing on behalf of the developer.

“We are excited to be a part of sponsor’s foray into New Rochelle, a town that has seen tremendous growth, specifically in the multifamily space,” Manz said in a statement, adding that the project “will provide the newest and most amenity-intensive project in New Rochelle… [T]he lender did a terrific job committing and closing the loan within approximately 30 days amid a very difficult market.”

The Millennia is a new 110-unit luxury rental development at 20 Burling Lane in New Rochelle that’s currently 50 percent preleased, as per information from BBCP. Eleven of the development’s 110 apartments have been designated as affordable, with rents set at 80 percent of the area’s median income. The development also includes 147 indoor parking spots for residents and tenants who would make use of its 4,500 square feet of rentable commercial space. 

In a statement, Leaf said that “coming to market for bridge financing on an ‘In Process’ construction multifamily project in the midst of a global pandemic had its challenges,” adding that BBCP’s presence helped push the deal “across the finish line.” The New York Real Estate Journal revealed in March that the developer was Leaf in a roundup detailing the project.

The project features a massive 60-foot glass atrium, with a waterfall and golf putting green; a 1,500-square-foot fitness center; a resident club room with a library, pool table, and kitchen and bar; a lounge with a fireplace; private office space, shared work spaces and conference rooms; and a 5,000-square-foot rooftop terrace with outdoor barbecue areas. There’s also indoor bicycle rental and storage. The property will offer personal valet services for things like housekeeping, dry cleaning, dog grooming and walking, car washing and grocery shopping, according to the property’s website. 

The Millennia comprises studio, one- and two-bedroom units ranging from 575 to 1,528 square feet, with in-unit washers and dryers, as per the property’s website.  Monthly rents at the location range from $1,800 for studios to $4,000 for two-bedroom residences.