Alexander Developer Group and their joint venture partners the Bluestone Organization and JP Morgan Asset Management have secured a $59 million loan to build a new Mount Vernon apartment tower.
Santander Bank and People’s United Bank funded the loan for the $95 million mixed-use residential and retail tower to be built on the site of a defunct supermarket at 42 West Broad St.
The project will consist of a 16-story building with 249 residential units and approximately 11,324 net rentable square feet of first-floor retail space and a renovated four-story structure parking garage.
A Cole Schotz team negotiated the construction loan and the joint venture documents on behalf of Alexander Developer Group.
The team included partners Rab N. Nalavala and Roger Iorio, Special Counsel Stuart Rosen, Associates Danielle Pasquariello and Samantha Epstein and Paralegal Basira Miah.
The demolition and construction is expected to begin in early February, according to a spokesperson for the law firm Cole Schotz.