A joint venture of Wilder Balter Partners, L+M Development Partners and Goldman Sachs Urban Investment Group has closed on financing for 14 LeCount Place, a 27-story mixed-use, mixed-income development in the New Rochelle.
The 457,000 s/f project will have 380 units of housing, 25 percent of which will be affordable, as well as more than 6,000 s/f of retail space, a parking garage, and amenities.
14 LeCount Place represents the partnership’s first investment in New Rochelle. The project is expected to be completed in 2022 with leasing set to begin in 2021.
The $190 million project is funded through a range of public and private financing sources. These include a $125 million construction loan from Citi Community Capital funded by tax-exempt and taxable debt issuance by the New York State Housing Finance Agency, as well as a permanent financing commitment from Freddie Mac.
Additional financing comes via the purchase of Low Income Housing Tax Credits by Citi Community Capital, subsidy from Westchester County under the New Homes Land Acquisition and Housing Implementation Fund programs, and a low-interest loan from the Interfaith Dwelling Corp., a local non-profit.
The project is also participating in the New York State Brownfield Cleanup Program.
“After turning our attention to the revitalization of New Rochelle’s downtown over two years ago, we are excited to finally have closed on what will become a key transit-oriented development,” said Wilder Balter Partners president William Balter.
“New Rochelle’s downtown is experiencing a transformation and we are proud to be a part of it along with a tremendous group of public sector and financing partners,” said L+M Development Partners Senior Director Katherine Kelman.
Wilder Balter Partners and L+M Development Partners also have a second, adjoining phase of development planned for the site. It is expected to begin construction in 2022, and will include an additional 173 residential units with frontage of Main Street.
The partnership is also developing a mixed-use project on Maple Avenue.