Newmark Knight Frank arranged a $70 million fixed-rate loan for the financing of the River Club at Hudson Park, located in Yonkers, NY, on behalf of Strategic Capital.
The Newmark Knight Frank team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of debt and structured finance, along with Chris Kramer, Dan Fromm and Nick Scribani. The loan was provided by Guggenheim.
The Property is a 24 story, 213-unit multifamily development on the Hudson River Waterfront and is the third and final phase of a larger redevelopment plan.
The Property includes access to a 206-space parking garage, indoor pool, 24-hour fitness center and rooftop lounge.
The River Club TCO was issued in December 2018 and the property is currently in lease up. Located just north of Manhattan in Westchester County, Hudson Park River Club is currently the tallest residential tower on the Yonkers riverfront, giving unobstructed views of the Hudson River and surrounding area.
The building has 22 studio apartments, 128 one-bedroom units, and 63 two-bedrooms, with an average unit size of 774 s/f.
Amenities include the only indoor pool in Yonkers, 24-hour fitness center, rooftop lounge and bar, 24/7 concierge service, and butterfly MX smartphone video intercom.
It is located near the Metro North station and a 28-minute ride to Grand Central. “The unmatched amenity package and unobstructed views make the River Club at Hudson Park the premier new multifamily property in Yonkers and will continue to attract a vibrant tenant base,” said Stolly.
“The quality of location and strong leasing momentum allowed us to procure long term, fixed-rate financing for the property prior to stabilization,” said Roeschlaub.
Headquartered in Jersey City, NJ, Strategic Capital owns and operates 566 units at Hudson Park I & II since 2015. River Club will be the third and final phase of the development.