Centennial Bank, Lionheart Lend $142M on Resi Development in Sleepy Hollow
Biddle Real Estate Ventures and PCD Development have secured $142 million in financing for residential development in Sleepy Hollow, N.Y., Commercial Observer has learned.
Centennial Bank was the senior lender in the deal, providing a $105 million loan, while Lionheart Strategic Management took the $37.2 million mezzanine position.
The financing will be used to develop a 100-unit luxury waterfront condominium building at 4 Lighthouse Landing called The Daymark at Edge-on-Hudson.
“The sponsors have assembled a top-tier construction, design and development team that will deliver a highly amenitized and unique residential product in an unparalleled location as part of the larger Edge-on-Hudson master development,” Andy Klein, managing director of Lionheart Strategic Management, said in prepared remarks.
“The Daymark will offer a truly remarkable experience in waterfront living,” Peter Chavkin, founder of Biddle Real Estate Ventures, said. “We’re gratified to have the support of Lionheart Strategic Management and Centennial Bank behind us in order to bring this project to fruition, along with the design expertise of COOKFOX Architects and the experienced team at Hines as development manager.”
“Edge-on-Hudson is proving to be one of the most sought-after mixed-use developments in the New York metro area, and The Daymark raises the bar even further,” added Jon Stein, founder of PCD Development.
Construction will kick off this fall. Hines has been hired as the development manager on the project and will join forces with sponsorship to construct the 100-unit building, which also includes 9,000 feet of retail on the ground floor, per the release. Amenities are set to include a pool, fitness center and rooftop deck.
Lionheart has originated more than $500 million in capital since its inception in 2017 and recently hit $1 billion in total funds raised from investors. Those funds will ultimately be deployed across various capital stack strategies, according to a release.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
