RXR has refinanced the construction loan on its Sawyer Place luxury apartment community in Yonkers with a $160 million from Mesa West Capital.
Walker & Dunlop structured the financing for the recently-built, Class A multifamily. Completed last year, the property consists of two connected towers featuring 438 rental units and approximately 31,000 rentable square feet of ground-floor retail.
Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Sean Bastian led Walker & Dunlop’s team in structuring the refinance, which replaces the property’s existing construction loan. The team served as exclusive advisor to their client, RXR Realty, identified Mesa West Capital as the ideal lender and arranged a five-year, floating rate non-recourse bridge loan.
Michael Maturo, president of RXR Realty, said, “Sawyer Place has quickly evolved into one of the most sought-after rental buildings in downtown Yonkers. The property has witnessed tremendous leasing velocity from both residents moving within the surrounding county as well as from New York City, and will continue to be a highly attractive rental option to both young professionals and families who have a desire to live in this rapidly expanding Yonkers neighborhood.
“We were thrilled with the execution that Walker & Dunlop’s New York City team brought to this deal. They found a perfect capital partner to suit our unique needs and specifications.”
According to Appel, “Downtown Yonkers is increasingly becoming a desirable live-work-play destination with an artistic and cultural scene that is redefining the neighborhood. The capital markets saw the value in the location and the superior amenities offered by Sawyer Place, resulting in a very competitive financing.”
Located blocks from the Hudson waterfront, Sawyer Place features panoramic views of Manhattan’s skyline, the Hudson River, and the Palisades. On-site amenities include a landscaped roof terrace, indoor theater, fitness center, 24/7 concierge, resident lounge, on-site valet parking, and a 533-space parking garage.
The property is within a three-minute walk of the Yonkers Metro-North station, providing a seamless commute into Manhattan, and is also proximate to five major highways, offering access to the rest of Westchester County, Fairfield County, and New York City.