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.
Lionheart Strategic Management provided a $37.2 million mezzanine loan behind a $105 million senior loan from Centennial Bank.
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.
The development manager on the project will work alongside the project team to develop the five-story, 100-unit condominium with more than 9,000 square feet of retail at the base of the building. Resident amenities include a pool, fitness center, resident lounge and rooftop deck. Construction is expected to begin in fall 2022, according to a release.
Lionheart recently reached $1 billion in investor commitments for various real estate credit strategies in global markets and has deployed more than $500 million of capital throughout the firm’s tenure.
Emily Fu can be reached at email@example.com.