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Cerberus funds $77M refi on New Rochelle apartment development

Greystone has arranged a $77.2 million loan for a joint venture between Young Companies and Phil Craft.

An affiliate of Cerberus Capital Management provided the bridge loan to refinance The Rockwell, which was developed by the Young Companies and Phil Craft joint venture.

The Rockwell is a five-story, 114-unit building with approximately 21,000 s/f of commercial space located in the New Rochelle submarket along North Avenue between the MetroNorth stop and the college district.

Young Companies’ CEO, Robert Young, assembled the land over numerous years and collaborated with Phil Craft to build The Rockwell. All of the retail space has been leased to CVS, Smokehouse Tailgate Grill, Finish Line PT, and Kung Fu Tea.

The Greystone Capital Advisors’ team of Drew Fletcher, Matthew Klauer, and Jesse Kopecky represented the borrower in arranging the financing, and closed the loan in less than 30 days.

“Greystone Capital Advisors again delivered an excellent execution, and we are very happy to commence a relationship with Cerberus,” said Young. “The Rockwell is the linchpin in the revitalization of the North Avenue corridor north of Lincoln Avenue (NOLA!), and we look forward to working on future projects with Greystone and Cerberus.”

Neha Santiago, Cerberus’ Head of Real Estate Private Credit, commented: “The Rockwell is a high-quality asset in a desirable location supported by robust leasing activity. These attributes coupled with a strong sponsor are what we look for in our partnerships and we are excited to support Young Companies on this property.”

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