NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announces $91.6 million in joint venture equity and first mortgage financing for the development of 42 Broad Street West, a 249-unit, luxury, transit-oriented multi-housing property in Southern Westchester County.
Working on behalf of the developer, a partnership between Alexander Development Group and The Bluestone Organization, the HFF team arranged $32.6 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. Additionally, the HFF team, which included managing director David Giancola and senior director Geoff Goldstein, also placed a $59 million construction loan with Santander Bank and People’s United Bank.
42 Broad Street West will consist of a 16-story building comprising approximately 354,000 square feet, including more than 16,000 square feet of amenity space, 12,000 square feet of ground-floor retail space and a connected, four-story, 580-space parking garage. Located in downtown Fleetwood, the 1.45-acre project is near multiple transportation networks providing access to Westchester and Fairfield Counties and into New York City. The Fleetwood Metro North rail station provides express service into Grand Central Station, and the Cross County Parkway provides direct access to several area highways. Residential units will include a variety of studio, one-, two- and three-bedroom floor plans and amenities such as an outdoor swimming pool and patio area, fitness center, game room/viewing room, library, business center, landscaped rooftop garden with outdoor kitchens and fireplace, and concierge service. Due for completion in 2019, the property is being constructed to LEED Silver standards.
Mark Alexander, Alexander Development Group principal, said, “I am thrilled to work on such a transformative project with such great partners and advisors whose collective efforts will enable us to deliver to the City of Mount Vernon one of the most amenitized and energy efficient rental properties in Westchester County.”
About Alexander Development Group: Alexander Development Group is a New York-based development and investment company that combines over 40 years of commercial and residential real estate development and management experience. The firm specializes in infill development in transit rich urban and inner-suburban locations throughout the New York metropolitan area. Mark Alexander, the founder and namesake of the organization, has developed approximately 3,000 housing units and 75,000 square feet of retail and office space.
About The Bluestone Organization: The Bluestone Organization is a full service real estate development company with experience and expertise in site selection, planning, financing, construction, sale, marketing and management. Through its creative use of building systems and components, the organization has become an industry leader by creating record-breaking, low-energy consuming buildings at the same cost as others constructed to lower energy usage standards. The organization has financed, designed, built and managed buildings throughout the greater New York area, including luxury condominiums, rental and mixed-use buildings, as well as affordable one, two and three family homes. To date, The Bluestone Organization has built over 5,000 units of housing in addition to more than 50,000 square feet of retail space.
About J.P. Morgan Global Alternatives: J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $125 billion in assets under management and over 800 professionals (as of September 30, 2017), J.P. Morgan Global Alternatives offers strategies across the alternative investment spectrum, including real estate, private equity and credit, infrastructure, transportation, liquid alternatives and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, J.P. Morgan Global Alternatives’ independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: jpmorganassetmanagement.com.
About HFF: HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.