$20m construction loan for Yonkers apartments.Wrightwood Capital has provided $20,400,000 to finance the construction of an apartment complex in Yonkers, New York Yonkers is the fourth largest city in the State of New York (it falls behind New York City, Buffalo, and Rochester), and the largest city in Westchester County, with a population of 196,086 (according to the 2000 census). . Velocity at Greystone is fully entitled and permitted and will be constructed as a for-rent 79 unit apartment building containing 65,237 square feet. The nine-story building will feature a mix of studio, one, two and three bedroom apartments ranging in size from 493 to 1,012 square feet. The units will offer hardwood floors, granite countertops, stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. appliances, cable, internet and WI-FI. The property is located on the west side of Warburton Avenue on the northern edge of Yonkers, bordering the town of Hastings-on-Hudson. Yonkers is the largest of the six cities in Westchester County. The site has unobstructed views of the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. , The George Washington Bridge George Washington Bridge, vehicular suspension bridge across the Hudson River, between Manhattan borough of New York City and Fort Lee, N.J.; constructed 1927–31. It is one of the longest suspension bridges in the world. and the New Jersey Palisades
The Palisades, also called the New Jersey Palisades or the Hudson Palisades (some portions are also referred to as Bergen Hill . The newly renovated Greystone Metro North train station is adjacent to the apartments and provides direct transportation to Grand Central Terminal in Manhattan. The Sponsor plans to take advantage of a PILOT tax incentive program offered by the City of Yonkers Industrial Development Agency, and will offer part of the units, at affordable rents, to lower income individuals. "The fact that the site is fully entitled and permitted allows the Sponsor to deliver this project quickly," commented Dan Hartman, Senior Director, Investments in Wrightwood Capital's Stamford office. "We foresee strong demand for Velocity at Greystone as a result of its fantastic water views, access to the train to The City, continued improvement in downtown Yonkers, and the lack of competing product." The Sponsor for this transaction, REMI Development specializes in urban property development and acquisition. This is the first transaction between REMI Development and Wrightwood Capital. This opportunity was brought to Wrightwood Capital through Greg James of CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) Saddle Brook, New Jersey Saddle Brook is a township in Bergen County, New Jersey, United States. As of the United States 2000 Census, the township population was 13,155. Saddle Brook adopted its current name on November 8, 1955, replacing Saddle River Township. . |
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