Berkshire Bank Lends $34M on New Rochelle Multifamily Asset
By Andrew Coen March 4, 2022 10:59 am
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The Cappelli Organization has nabbed a $34.2 million debt package to refinance a new high-rise luxury apartment building in New Rochelle, N.Y, Commercial Observer can first report.
Berkshire Bank supplied the loan for The Standard, which was led by Mike Danforth. The financing retires $30.5 million of prior debt that Principal Life Insurance Co. provided for the construction of the asset, which wrapped in 2020.
Mark Niman, executive managing director at BayBridge Real Estate Capital, originated the financing. Niman, who also arranged the Principal deal, has worked with the Cappelli Organization for the last two decades.
Located at 50 LeCount Place in downtown New Rochelle, The Standard features 111 residential units and 1,260 square feet of ground-floor retail space. The property’s amenities include a luxury rooftop with panoramic city views, outdoor grilling stations, fire pit, sunroom with bar, fitness center and golf simulator.
Officials for Berkshire Bank and The Cappelli Organization did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
