NEW YORK, Oct. 01, 2021 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, today announced that it has simultaneously arranged a $14 million ground lease and a $21 million leasehold construction loan for The Young Companies. The ground lease proceeds were provided by Haven Capital and the leasehold construction loan was provided by RMWC to finance the development of four-story mixed-use residential development with 75 apartments and 7,300 SF of commercial space located at 600 North Avenue in New Rochelle, NY. The Greystone Capital Advisors team led by Drew Fletcher and Matt Klauer served as exclusive advisor in arranging the financing on behalf of the Sponsor.
Young Companies’ CEO, Robert Young, is a lifetime resident of New Rochelle and one of the area’s premier developers of high-quality multifamily housing. The Illustrator distinguishes itself through its best-in-class finishes and amenities and its unique location in a supply-constrained submarket with access to New Rochelle’s best public schools. In addition, the project is directly across the street from The Young Companies’ The Rockwell, the 114-unit property with ~25k SF of retail that Young Companies completed at the end of 2020. Together, the projects will provide more than 200 residential units and revitalize the corridor along North Avenue between the MetroNorth stop and the college district.
“We are proud to have worked with Young Companies, Haven, and RMWC to deliver a creative full-stack debt solution that provides 90% loan-to-cost non-recourse financing during a challenging economic environment. The Illustrator will raise the bar for urban living in New Rochelle,” said Mr. Klauer.
“Greystone Capital Advisors delivered a fantastic execution, and we are very happy to have launched a relationship with Haven and RMWC,” said Mr. Young. “This complex execution required careful collaboration and I’m delighted with the results. The Illustrator is a significant addition to our portfolio and will further the continued development of New Rochelle.”
“It was a pleasure working with Greystone, Young Companies, and RMWC to use our Haven ground lease structure to maximize funding proceeds at the lowest possible cost,” said Joe Shanley, Head of Acquisitions, Haven Capital.
Marc Brooks, managing director of RMWC, shared, “RMWC is pleased to bring its flexible construction financing capabilities to this exciting project. We look forward to working with The Young Companies, a sponsor with deep roots in the New Rochelle market. We are also grateful to have completed our first closing with Greystone, who brought together a complicated capital structure and enjoyed working closely with Haven Capital throughout the closing process.”
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. Greystone Capital Advisors is a full-service real estate capital intermediary and advisory team that services a select group of the most prominent real estate owners and developers across the U.S. For more information, visit www.greystone.com.
About Young Companies
The Young Companies is a full-service real estate development company based in New Rochelle, New York. Founded in 1993, this veteran-owned business brings a solid and dependable management team and deep experience to every new project. The firm has a unique blend of strategic vision and financial practicality, which brings a fresh perspective to Westchester’s emerging redevelopment opportunities. For more information, visit www.youngcompanies.com.
About RMWC
RMWC provides mortgages, mezzanine, and preferred equity capital to experienced commercial real estate owners and developers nationwide to meet their capital needs. Focusing on collaboration, clarity, and execution, RMWC seeks to build long-standing relationships with borrowers, brokers and investors. RMWC is an SEC Registered Investment Adviser with offices in New York, San Francisco, Atlanta, and Northern Virginia.
CEO Coleman Andrews, a Co-Founding Partner of Bain Capital, and CIO Steven Fischler, a veteran of the 2008-2011 Lehman real estate workout, lead a combined team which since 2012, together and in their prior work, has transacted as principal or advisor on more than $3 billion of funded real estate-based mortgage, mezzanine, and equity investments.
About Haven Capital
Haven Capital is a real estate investment firm formed to invest in new and existing ground leases in all major US markets. Haven works with real estate owners to provide flexible ground lease solutions to meet their needs. With a Haven ground lease, real estate owners benefit from a long term, predictable funding structure that maximizes capital proceeds. Haven is led by experienced real estate professionals with debt and equity investing experience across all major real estate asset classes. Haven is sponsored by Regis and funds managed by Ares.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@Greyco.com
