Capital One Loans $131M for New Rochelle Mixed-Use Development
Capital One has loaned $131.2 million to RXR Realty, a New York-based real estate firm, for the construction of 26 South Division St., a 28-story mixed-use apartment tower in New Rochelle, New York.
NEW YORK CITY- Capital One has loaned $131.2 million to RXR Realty, a New York-based real estate firm, for the construction of 26 South Division St., a 28-story mixed-use apartment tower in New Rochelle, New York.
RXR is a prominent developer in the City of New Rochelle and will take the 42-month interest-only floating-rate loan to develop 352 market-rate apartments, including studios to one-two- and three-bedroom apartments with a valet parking garage, lounge, co-working space, speakeasy and over 12,000 square feet of retail.
RXR has had its eye on the City of New Rochelle. Back in 2015, the firm carved out more than 12 million square feet of new development in Downtown, where RXR has approximately 2.3 million square feet of development rights.
The Downtown Rezoning Plan includes a mix of residential, retail, restaurant, office, hospitality and other institutional space. The rezoning is one of the largest and most significant economic development initiatives in Westchester County history.
“At a time when prospective renters face difficult trade-offs between quality housing and ease of commute, New Rochelle is a natural extension of the transit-oriented story that has developed in places like Long Island City, portions of Brooklyn, and Jersey City,” said Prithvi Mohan, a vice president with Capital One’s Commercial Real Estate team who closed the transaction, in a prepared statement. “We are excited to be part of the broader redevelopment of New Rochelle and proud to be working with RXR, given their expertise and commitment to this market.”