Truist Bank Provides $66M Construction Loan on Port Chester Multifamily Project

Hudson Companies has secured $66 million in construction financing to build a six-story, 203-unit multifamily project that mixes market-rate and affordable apartments in Port Chester, N.Y., Commercial Observer can first report. 

Truist Bank provided the construction loan, while Cushman & Wakefield’s John Alascio and Chuck Kohaut arranged the transaction. 

Ernesto Padron, development director at Hudson, noted this is his firm’s second development in Westchester County and described the project as one that will deliver “high-quality housing in growing markets outside major cities.” 

“The development will continue to elevate Port Chester’s thriving downtown, bringing much-needed housing, new retail life, and several community benefits,” he added. 

Located at 70 Abendroth Avenue in Port Chester — a suburban village 28 miles north of Manhattan that also borders Connecticut — the new development will feature 203 units, of which 10 percent will be reserved for affordable housing, along with 10,000 square feet of ground-floor retail. Human Development Services of Westchester is already signed as a retail tenant. 

The development will sit near Metro-North’s Port Chester station, which provides access directly into Manhattan, and is along the village’s North Main Street retail corridor. 

“This transaction underscores the depth of lender interest in well-located, fully entitled multifamily developments in supply-constrained, transit-oriented markets like Port Chester,” said C&W’s Kohaut in a statement. 

Construction is expected to begin the first quarter of 2026. 

Brian Pascus can be reached at bpascus@commercialobserver.com.