42 Broad St. West in Mount Vernon will feature 249 luxury apartments. Credit: Perkins Eastman

MOUNT VERNON, NY—Alexander Development Group and joint venture partners the Bluestone Organization and JP Morgan Asset Management have secured construction financing for the $95-million 42 Broad St. West mixed-use luxury rental apartment project in the Fleetwood section of Mount Vernon.

The law firm Cole Schotz P.C., which represented the developers in the transaction, report that the development team secured $59-million in construction financing from Santander Bank and People's United Bank. No financial terms of the transaction, which closed on Dec. 11, were released. The Cole Schotz team that worked on the deal consisted of partners Rab N. Nalavala and Roger Iorio, special counsel Stuart Rosen, associates Danielle Pasquariello and Samantha Epstein and paralegal Basira Miah.

The project, already under construction, calls for the development of a 16-story building with 249 rental apartments and 11,324 net rentable square feet of first-floor retail space at 42 Broad St. West in Fleetwood. The development will also feature a renovated four-story municipal parking garage that was formerly owned by the city that is now owned and operated by the 42 Broad St. West partnership.

The 42 Broad St. West project was one of a number of major multifamily developments touted by Mount Vernon Mayor Richard Thomas as moving forward in this Southern Westchester County city. The multifamily project at 42 Broad St. West is the first planned new luxury rental apartment project in Fleetwood in more than 50 years.

Mark S. Alexander, principal of the New York City-based Alexander/Development/Group, tells Globest.com that the estimated development cost of the project has increased from $90 million to $95 million since this past summer due to a variety of factors.

He believes Mount Vernon, and particularly the Fleetwood section, which borders Bronxville and Yonkers, is ripe for new multifamily development since for the most part investment has bypassed this Southern Westchester city for other more popular markets such as Yonkers, New Rochelle and White Plains.

Alexander says that asbestos removal has already been completed and demolition of the existing 23,000-square-foot one-story retail building at the site will start in early January. At that footprint, the 16-story rental building will be constructed. Full construction, including excavation, will commence in February.

Renovations, estimated at approximately $3 million, will also begin shortly on the more than 600-car parking garage that will be undertaken in phases. The facility will be open 24 hours-a-day, seven days a week, during renovations, he notes.

The unit breakdown of 42 Broad St. West, will include 31 studio apartments; 131 one-bedroom units; 29 two bedroom, one bath apartments; 50 two-bedroom, two bath units and eight penthouse level three-bedroom and three-bath apartments. Rents will range from $1,450 a month for a studio on the lower floors to more than $5,000 a month for a three-bedroom penthouse unit.

“We're hoping to have the first portion of the building open with a TCO (temporary certificate of occupancy) in 18 months and full completion of the building in 24 months,” Alexander says.

He notes says that the building will be highly energy efficient and is expected to achieve at least LEED Silver designation as well as possibly meet Passive House standards.

“We're hoping to have the first portion of the building open with a TCO (temporary certificate of occupancy) in 18 months and full completion of the building in 24 months,” Alexander says.

He notes says that the building will be highly energy efficient and is expected to achieve at least LEED Silver designation as well as possibly meet Passive House standards.

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Mount Vernon Luxury Multifamily Project Secures Construction Loan

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