Otera Capital Provides $93M Refi for Green Energy Multifamily Development
42 West Broad Street is one of the most energy-efficient buildings in New York, if not the nation
By Brian Pascus December 11, 2023 3:11 pm
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A joint venture between Alexander Development Group, The Bluestone Organization, and investors advised by JP Morgan Asset Management have secured $93 million to refinance 42 Broad Street West, a luxury rental property in Mt. Vernon, N.Y., Commercial Observer has learned.
Otéra Capital provided the refinancing loan. A JLL Capital Markets debt advisory team of Kellogg Gaines and Geoff Goldstein arranged the financing on behalf of the borrowers.
JLL’s Gaines praised Otéra Capital’s work on the deal in a statement following closing.
“Otéra was a terrific partner in negotiating favorable financing that positions all parties to prevail during unprecedented market conditions,” said Gaines. “We are thrilled to have completed another transaction that illustrates the liquidity available to best-in-class projects, such as 42 Broad Street West”
42 Broad Street West sits in the Fleetwood submarket of Mt. Vernon, a lively mixed-use community that is only 35 minutes from Midtown Manhattan via train and is nestled within the thriving suburban neighborhoods of Westchester.
At 16 stories, the luxury multifamily development contains 249 units, ranging from one-bedrooms to three-bedrooms, and boasts 20,000 square feet of amenities, including a fitness center, a heated pool, and a roof deck with outdoor kitchens and fireplaces.
The building also includes a billiards lounge, co-working spaces, a library, and a community garden.
“42 Broad Street West brings a unique collection of homes to the Fleetwood community that sets it apart from other properties,” said Mark Alexander, principal of Alexander Development, in a statement.
The project also benefits from being green-energy friendly. 42 Broad Street West is the first Class A multifamily community in the U.S. to be designed to Passive House standards, a construction method that brings carbon emissions as close to zero as possible.
The property is expected to meet the National Green Building Standard and receive Energy Star certification, according to JLL.
Brian Pascus can be reached at bpascus@commericalobserver.com
