Benefit Street Lends $20M on Purchase of New Rochelle Apartments

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Invel Capital has nabbed $19.7 million of acquisition financing to purchase a New Rochelle multifamily asset, Commercial Observer has learned. 

Benefit Street Partners supplied the loan for Invel’s $22.75 million acquisition of The Printhouse, a 71-unit, Class A apartment property in Downtown New Rochelle — developed by Megalith Capital Management in the late 2010s. 

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The seller was also Benefit Street, which assumed ownership from Megalith in late 2022, following a loan foreclosure spurred by rising interest rates on floating-rate debt, sources familiar with the foreclosure told CO. 

JLL (JLL) arranged the transaction with a team led by Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones

Located at 165 Huguenot Street, a short walk from New Rochelle’s Amtrak and Metro North train station, the 2019-completed property features studio, one-bedroom and two-bedroom apartments, along with 2,700 square feet of commercial space. Community amenities include covered parking, a fitness center, a rooftop terrace with an outdoor bar, a business center and a dog park. 

“We are excited to play a role in the continued revitalization of the New Rochelle urban core and consider The Printhouse one of the premier apartment communities in this market,” Ryan Goldstein, managing principal of Invel, said in a statement. “We are confident that New Rochelle, which already benefits from strong demographics and rental demand, will continue to thrive, as renters, homeowners and investors increasingly pursue opportunities in vibrant and walkable urban and suburban environments.” 

Officials at Benefit Street did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com