RXR secures $105 million from Rialto Capital Management to refinance Westchester apartment building
JLL Capital Markets announced that it has arranged a $105 million refinancing for RXR Realty’s 360 Huguenot, a 280-unit high-rise apartment building with ground floor retail in downtown New Rochelle.
JLL worked on behalf of RXR Realty, to arrange the refinancing through Rialto Capital Management.
Completed in July 2019, 360 Huguenot is a 28-story residential rental tower comprised of 252 market-priced units, as well as 28 affordable units representing up to 80% of the area’s median income. The property offers studios, one-bedroom, and two-bedroom apartments in a variety of layouts, with upscale features for upper-floor units. The residences were developed to “condominium standards,” featuring stainless steel appliances, hardwood floors, smart door locks, and large windows. Community amenities include a 24/7 concierge, state-of-the-art fitness center with yoga studio, private indoor/outdoor resident lounge, valet garage, and regular resident events.
The property also includes 294 parking spaces and 13,538 square feet of Class A retail space in five ground floor suites overlooking New Rochelle’s vibrant downtown district. The building provides convenient access to the nearby Metro North station with an eight-minute walk for a half-hour train ride to Manhattan’s Grand Central Terminal.
The property is the first high-rise residential tower delivered in New Rochelle since 2007. Since New Rochelle named RXR a “Master Developer” in July 2014, the company has worked with the city to construct three residential projects in separate phases. In addition to 360 Huguenot, RXR recently completed One Clinton Park, a 28-story mixed-use tower featuring 352 market-priced apartments and over 13,000 square feet of retail space in the city’s downtown core. In 2024, RXR Realty plans to deliver the adjacent Two Clinton Park, another 28-story mixed-use tower in New Rochelle, featuring 390 market-priced apartments.
The JLL Capital Markets team representing the borrower was led by Executive Managing Director Mike Tepedino, Senior Managing Directors Michael Gigliotti and Kelly Gaines, Managing Director Jillian Mariutti, Partner Phil Cadorette and Analyst Joy Dracos.
“RXR has unparalleled knowledge of the Westchester market, as evidenced by 360 Huguenot’s fast and best-in-market rental rates,” said Gigliotti. “360 Huguenot has proven to be an exceptionally attractive investment opportunity as it has capitalized on years of pent-up demand for affordable, market-priced housing.”
“360 Huguenot is an example of a best-in-class, high-quality property with spectacular views that attract potential residents from across Westchester County,” added Gaines. “We are delighted to have facilitated this refinancing for RXR Realty – a market-leading deal with an efficient and well-executed closing process by all parties.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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