Funding Secured for Multi-Family Project in White Plains
Pacific Western Bank and Square Mile Capital Management have collectively provided $181.91 million for a multifamily housing development in White Plains.
The project includes the redevelopment of a vacant office building to become a 13-story, Class A multifamily building, the ground-up construction of a seven-story Class A multifamily building and the construction of a six-story pre-cast concrete garage. It is being developed by a venture consisting of Rose Associates and other partners.
Pacific Western has originated a $134.51 million senior construction loan, while Square Mile Capital has made a $47.4 million preferred equity investment.
“Rose Associates is one of the preeminent owners and developers in the New York region, and we are pleased to partner with them and with Square Mile Capital to bring new, high-quality housing to downtown White Plains.” said Patrick Crandall, EVP, Managing Director of the Eastern Region of Pacific Western Bank’s National Lending Real Estate team.
Matt Drummond, Managing Director for Square Mile Capital, added, “This is a well-conceived, well-timed project pursued by excellent sponsors with great vision. There is no doubt that it will prove transformational for Downtown White Plains, providing attractive affordable and market-rate housing that will serve the needs of the community for years to come. We are delighted to have the opportunity to participate in the capitalization of this project.”
The redeveloped office tower, located at 440 Hamilton Avenue in White Plains, will be delivered as a 13-story, 255-unit multifamily building called “The Lofts” and will include 3,400 square feet of ground-floor retail. The new, seven-story, wood-frame building will provide an additional 213 multifamily units to the site. The total property’s unit mix will include 8% of the units designated as affordable, with the remaining 92% of units available at market rate.
The entire development will offer a full suite of amenities, including outdoor pool and fitness facilities. The adjacent parking garage will provide 575 parking spaces.
Amy Rose, President and CEO of Rose Associates, said: “We are excited about the start of construction of 440 Hamilton and we strongly believe in the Westchester market. We could not be happier about working alongside PacWest and Square Mile.”
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