Not in Westchester County?
August 23, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

$70M loan for River Club property in Yonkers

Strategic Capital, the investment arm of builder China Construction America (CCA) based in Jersey City, has received a $70 million loan for financing of the River Club at Hudson Park in Yonkers, one of the buildings in its Hudson Park development.

Leasing of apartments in the building at 63 Wells Ave. on the Yonkers waterfront has been underway for several months and a formal ribbon-cutting to open the building was held on May 16.

The commercial real estate advisory firm Newmark Knight Frank (NKF) arranged the loan on behalf of Strategic Capital. The loan was provided by the firm Guggenheim. There are several divisions in the Guggenheim organization and one of them, Guggenheim Investments, reports having more than $209 billion in total assets.
The Guggenheim organization’s roots can be traced back to the 1800s. In 1881, Meyer Guggenheim paid $5,000 for a one-third interest in two Colorado lead and silver mines. By the end of World War I the family had controlled more than 80% of the world’s supply of silver, lead and copper.

Strategic Capital’s Hudson Park development covers 16 acres of the Yonkers waterfront area.

At the ribbon-cutting, Ning Yuan, CCA’s chairman and president as well as Strategic Capital’s chairman and CEO, said, “River Club presented us with a unique opportunity – the city of Yonkers is in the midst of a massive transformation and the building’s waterfront location enabled us to ensure unprecedented views and a less than 30-minute-commute to Midtown Manhattan.”

There were five members of the NKF team that worked on arranging the loan. Jordan Roeschlaub, vice chairman and co-head of debt and structured finance, said, “The quality of location and strong leasing momentum allowed us to procure long term, fixed-rate financing for the property prior to stabilization.”  Stabilization is when a property becomes income- producing after having achieved a certain level of completion, lease-up or net income.

The River Club building is 240 feet high and has 213 apartments. Pricing begins at $1,720 for studios, $2,190 for one-bedroom units and $2,870 for two bedrooms. It has a garage for 206 vehicles, an indoor pool, fitness center, rooftop lounge and round-the-clock concierge services.

Dustin Stolly, also a vice chairman and co-head of debt and structured finance at NKF, said, “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.”

NKF is operated by Newmark Group Inc. and based in Manhattan. The commercial real estate advisory firm along with London-based partner Knight Frank and independently owned offices has about 16,000 people in approximately 430 offices on six continents.