NEW YORK CITY – Capital One has loaned $ 131.2 million to RXR Realty, a New York-based real estate company, for the construction of 26 South Division St., a 28-story mixed-use apartment tower in New Rochelle , New York.
RXR is a leading developer in the city of New Rochelle and will take the 42 month variable rate loan to develop 352 apartments at market rate, including studios to one, two and three bedroom apartments with serviced valet parking. , lounge, coworking space, sweatshop and over 12,000 square feet of retail space.
RXR eyed the City of New Rochelle. In 2015, the company created over 12 million square feet of new downtown development, where RXR owns approximately 2.3 million square feet of development rights.
The downtown rezoning plan includes a mix of residential, commercial, restaurant, office, hospitality and other institutional spaces. The rezoning is one of the largest and most significant economic development initiatives in Westchester County history.
“At a time when potential tenants face difficult tradeoffs between quality housing and ease of travel, New Rochelle is a natural extension of the transit-oriented history that has developed in places like Long Island City, parts of Brooklyn and Jersey City, ”said Prithvi Mohan, vice president of Capital One’s commercial real estate team that completed the transaction, in a prepared statement. “We are delighted to be part of the larger redevelopment of New Rochelle and proud to work with RXR, given their expertise and commitment to this market. “