Biddle Real Estate Ventures (BREV), King Street Capital, and PCD Development have secured $237.5 million in refinancing for two communities along the Hudson River in New York.
The loan, provided by Hudson Bay Capital, and brokered by Walker & Dunlop, applies specifically to the Edge-on-Hudson redevelopment and luxury residential community, The Daymark. Both are located in Sleepy Hollow.
Edge-on-Hudson is a project taking up a total of 70 acres that will feature a total of 1,177 residential units. That includes a mix of condos, apartments, and townhomes. Also, it contains other asset types, including 35,000 square feet of office, 135,000 square feet of retail, over 16 acres of parkland, and a 140-room boutique hotel. Some other specific perks include walking trails, parks, community areas, and a waterfront promenade. Edge-on-Hudson has been offering residences since 2014, but is now undergoing redevelopment, with an expected finishing date not revealed.
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“This financing emphasizes the tremendous progress at Edge-on-Hudson and the market’s strong confidence in our vision,” said Peter Chavkin, managing member at BREV.
“As the Master Developer of Edge-on-Hudson, alongside New Jersey-based PCD Development, we are thrilled to work with the experienced and knowledgeable team at Walker & Dunlop.”
The Daymark is 175,735 square feet and has 100 residents. The five-story building offers one, two, and three-bedroom condo units. It also offers townhome-style housing and more than 9,000 square feet of retail space. With the first move-ins set for September of this year, more than 70 percent of the residences are already under contract, according to W&D.
While not directly in New York City, the two sites are not too far away, about 25 miles north of Manhattan. Despite lingering economic uncertainty, JLL brokers Rob Hinckley and Jeff Julien are forecasting the Big Apple to reach $10 billion in multifamily sales this year, which would exceed the total volume recorded in the previous two years combined.
W&D's Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella, Christopher de Raet, Stanley Cayre, and Jonathan Schwartz advised King Street and BREV on the refinancing deal.
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