Saber Dobbs Ferry, LLC has secured a $42 million construction loan from M&T Bank for Rivertowns Square, the $130 million, 120,000 s/f mixed-use development currently under construction in Dobbs Ferry.
“The closing of the construction loan marks another important milestone in the Rivertowns Square project, and we are thrilled to celebrate the occasion alongside the community members that have helped make this all possible,” said Marty Berger, managing member at Saber Dobbs Ferry.
Saber Dobbs Ferry is a partnership between Saber D.F., an affiliate of Saber Real Estate Advisors, LLC, and Dobbs Ferry Capital Partners, an affiliate of Chauncey Station Partners, LLC.
Saber Dobbs Ferry, which includes Berger, Michael Klinger, Corey Rabin, Douglas Smolev and Chris Lynch, worked closely with the team from M&T Bank’s Westchester Region to secure the two-year construction loan.
The financing team consisted of Michael Weinstock, group vice president and senior commercial real estate manager; Mark Walz, vice president and commercial real estate group manager; and Ryan McAuliffe, vice president and senior commercial real estate relationship manager.
The loan will help support the construction of Rivertowns Square’s retail, dining and entertainment offerings, as well as the structural base of a 138-room hotel.
“Rivertowns Square is an important development project in Dobbs Ferry because it will create a combination of residential and commercial units and provide a number of additional services to the community, including a hotel and great retail space,” said McAuliffe.
“Saber Dobbs Ferry has a strong vision for the project and we’ve agreed to provide key financing to help bring this investment in the community to fruition.”
In addition to the construction loan, Saber Dobbs Ferry was also approved for a mortgage tax exemption of $551,200 and an estimated sales tax exemption estimated of approximately $2.2 million from the Westchester Industrial Development Agency (IDA).