Cerberus Refinances Young Companies’ New Rochelle Mixed-Use Project With $77M Loan
A joint venture between Young Companies and developer Phil Craft has landed a $77.2 million debt package to refinance a mixed-use development in New Rochelle, N.Y., Commercial Observer can first report.
Cerberus Capital Management supplied the bridge loan for The Rockwell, a 114-unit apartment building with 21,000 square feet of commercial space. A Greystone Capital Advisors team of Drew Fletcher, Matthew Klauer and Jesse Kopecky arranged the financing with the transaction closed in less than 30 days.
Klauer said that “certainty of execution and expediency” were a priority for the joint venture. He credited Pankil Doshi and Cierra Taylor of Cerberus for spearheading the deal both quickly and efficiently.
“The Rockwell is a high-quality asset in a desirable location supported by robust leasing activity,” Neha Santiago, Cerberus’ head of real estate private credit, said in a statement. “These attributes coupled with a strong sponsor are what we look for in our partnerships and we are excited to support Young Companies on this property.”
Located at 585 North Avenue, The Rockwell was built after Young Companies CEO Robert Young assembled the land over numerous years, collaborating with Craft. The five-story property with 135,000 of residential space has amenities that include a gym, on-site parking and a rooftop terrace/lounge lounge. The retail space has been leased to CVS, Smokehouse Tailgate Grill, Finish Line PT and Kung Fu Tea.
“Greystone Capital Advisors again delivered an excellent execution and we are very happy to commence a relationship with Cerberus,” Young said in a statement. “The Rockwell is the linchpin in the revitalization of the North Avenue corridor north of Lincoln Avenue and we look forward to working on future projects with Greystone and Cerberus.”
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