Pacific Western Bank and Square Mile Capital Management have together provided $181.91 million in funding for a multifamily housing development in White Plains, NY. The project includes the redevelopment of a vacant office building to become a 13-story Class A multifamily building, the ground-up construction of a 7-story Class A multifamily building and the construction of a 6-story pre-cast concrete garage.
It is being developed by a venture consisting of Rose Associates and other partners.
Pacific Western has originated a $134.51 million senior construction loan, while Square Mile Capital has made a $47.4 million preferred equity investment.
“Rose Associates is one of the preeminent owners and developers in the New York region, and we are pleased to partner with them and with Square Mile Capital to bring new, high-quality housing to downtown White Plains.” said Patrick Crandall, EVP, Managing Director of the Eastern Region of Pacific Western Bank’s National Lending Real Estate team.
Matt Drummond, Managing Director for Square Mile Capital added, “This is a well-conceived, well-timed project pursued by excellent sponsors with great vision. There is no doubt that it will prove transformational for Downtown White Plains, providing attractive affordable and market-rate housing that will serve the needs of the community for years to come. We are delighted to have the opportunity to participate in the capitalization of this project.”
The redeveloped office tower, located at 440 Hamilton Avenue in White Plains, will be delivered as a 13-story, 255-unit multifamily building called “The Lofts” and will include 3,400 square feet of ground floor retail. The new, 7-story, wood frame building will provide an additional 213 multifamily units to the site. The total property’s unit mix will include 8% of the units designated as affordable, with the remaining 92% of units available at market rate.
The entire development will offer a full suite of amenities including outdoor pool and fitness facilities. The adjacent parking garage will provide 575 parking spaces.
Amy Rose, President and CEO of Rose Associates, said: “We are excited about the start of construction of 440 Hamilton and we strongly believe in the Westchester market. We could not be happier about working alongside PacWest and Square Mile.”
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $34 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado. The Bank has 70 full-service branches located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. We offer national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses. To learn more about Pacific Western Bank, visit www.pacwest.com.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. For more information, visit www.squaremilecapital.com.
About Rose Associates
Rose Associates is a premier real estate firm specializing in multifamily rental properties in New York City and the tri-state area. Focused on the development, acquisition and management of the highest quality assets, the firm has completed over $2 billion of adaptive reuse and ground-up developments over the past six years. Under the leadership of CEO and President Amy Rose, the firm is a certified Women’s Business Enterprise. Rose is expanding its 20,000-unit portfolio and executing new transit-oriented developments in the five boroughs and Westchester.
