Gary Barnett secured refinancing for the primary part of his Hudson Piers mission that he’s betting will assist flip Yonkers into New York Metropolis’s subsequent residential frontier.
NewBridge Lending and Meridian Capital supplied Extell Growth with $185 million to refinance the primary part of the 1,400-unit luxurious improvement, changing a industrial mortgage from Wells Fargo and a mezzanine mortgage.
The primary part includes two seven-story, mixed-use buildings referred to as Piers 3 and 4, positioned at 45 and 55 Riverside Drive, with 369 luxurious residences, ground-floor retail, and parking. Pier 3 has already completed building and is at the moment leasing residences beginning at round $2,000 for studios and $5,000 for 3 bedrooms, whereas Pier 4 continues to be being constructed. The event, formerly known as Point Street Landing, began welcoming tenants final yr and can in the end embody 1,400 residences and 4 public parks. Every of the mission’s six buildings are anticipated to open inside a yr of one another.
Hudson Piers is the newest in an ongoing redevelopment of the previously industrial coast of downtown Yonkers set in opposition to the Hudson River reverse the Palisades. The world will quickly characteristic a 1.5-mile-long riverfront promenade backed by buildings from builders RXR, Rose Associates, and AvalonBay.
The Yonkers improvement has benefited from beneficiant tax breaks from town authorities, which awarded Extell $21 million in tax breaks for the mission.
“We’re speaking about an administration that’s very professional housing,” stated Moshe Botnick, who leads improvement at Extell.
Although Extell’s bread and butter remains New York City, the developer has lately pursued properties outdoors town, together with close by Pier Village in New Jersey, Philadelphia, and even far-flung developments in Park City, Utah.
“We’re actually opportunistic generally,” stated Botnick. “We don’t have a selected rubric of what we search for.”
Botnick, nonetheless, sees Yonkers as an extension of Extell’s New York Metropolis choices.
“Over the previous 20 years, we’ve seen, already, locations like Hoboken, Jersey Metropolis, Bushwick, Dumbo — all of those locations turn into widespread, and that is actually the pure subsequent step in that very same story,” Botnick stated of Yonkers.
The deal marks the third financing Meridian Capital has organized by NewBridge Lending, a bridge-to-agency platform based by former Wells Fargo government Stender Sweeney final yr. The transaction was positioned by Meridian’s Zev Karpel, Elliot Birnbaum and Ariel Taieb in what Karpel described as a “extremely structured transaction with a number of transferring components.”
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