Global commercial real estate advisory firm Newmark today announced that it has arranged a $70 million fixed-rate loan for the financing of the River Club at Hudson Park, located in Yonkers, NY, on behalf of Strategic Capital.
The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of debt and structured finance, along with Chris Kramer, Dan Fromm and Nick Scribani. The loan was provided by Guggenheim.
The Property is a 24 story, 213-unit multifamily development on the Hudson River Waterfront and is the third and final phase of a larger redevelopment plan. The Property includes access to a 206-space parking garage, indoor pool, 24-hour fitness center and rooftop lounge. The Property received TCO in December 2018 and is currently in lease up. The Property is situated in Yonkers, NY, just north of Manhattan in Westchester County. Hudson Park River Club is currently the tallest residential tower on the Yonkers riverfront, giving unobstructed views of the Hudson River and surrounding area.
The building has 22 studio apartments, 128 one-bedroom units, and 63 two-bedrooms, with an average unit size of 774 square feet. Each unit boasts luxury finishes including white oak floors, sleek granite counters, and floor-to-ceiling windows providing unobstructed views of the Hudson River and surrounding area. Amenities include the only indoor pool in Yonkers, 24-hour fitness center, rooftop lounge and bar, 24/7 concierge service, and butterfly MX smartphone video intercom. The Property is conveniently located just steps away from the Metro North station and is a 28-minute ride to Grand Central Station.
“The unmatched amenity package and unobstructed views make the River Club at Hudson Park the premier new multifamily property in Yonkers and will certainly continue to attract a vibrant tenant base,” said Stolly.
“The quality of location and strong leasing momentum allowed us to procure long term, fixed-rate financing for the property prior to stabilization,” said Roeschlaub.
Strategic Capital is a premier global investment company, focusing on real estate and infrastructure. The firm generates compelling risk-adjusted returns across economic cycles and over the long term, by developing, owning, managing and financing superior assets in the most resilient and dynamic high-barrier markets. Strategic owns and operates 566 units at Hudson Park I & II since 2015. River Club will be the third and final phase of the development. Headquartered in Jersey City, NJ, Strategic pursues investment opportunities across the Americas in the fields of commercial, residential and mixed-used real estate, as well as infrastructure. Strategic is equipped with the expertise to optimize asset acquisitions, development and operation.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.