Miami-based asset manager Rialto Capital Management has provided a $105 million loan to RXR Realty to refinance debt on an apartment building in New Rochelle, New York. JLL Capital Markets arranged the loan.
The building, 360 Huguenot, offers more than 250 residential units as well as 3,538 square feet of Class A retail space in five ground-floor suites. The building includes luxury on-site amenities, like a full-time concierge, a fitness center with a yoga studio, private lounges, valet parking garage and regular events for residents.
“360 Huguenot is an example of high-quality, best-in-class property with spectacular views that draws in prospective residents from all of Westchester County,” said Kellogg Gaines, a senior managing director at JLL who was part of the team that arranged the loan. Executive managing director Michael Tepedino and senior managing director Michael Gigliotti were also part of that team.
RXR Realty, a New York-based vertically integrated real estate owner, operator, developer and investment manager, has a portfolio of 73 commercial real estate properties and investments, and is solely focused on the New York Metro region, including New York City, Westchester County, Long Island, New Jersey and Connecticut.
“RXR has an unparalleled knowledge of the Westchester market, as evidenced by 360 Huguenot’s fast lease-up and market-leading 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 and market-rate housing.”