{"id":4654,"date":"2021-12-07T18:09:08","date_gmt":"2021-12-08T00:09:08","guid":{"rendered":"https:\/\/1reason.com\/re\/greystone-capital-advisors-arranges-cerberus-loan-of-77-2-million-for-young-companies-to-refinance-multifamily-project-in-new-rochelle\/4654\/"},"modified":"2021-12-08T12:09:08","modified_gmt":"2021-12-08T18:09:08","slug":"greystone-capital-advisors-arranges-cerberus-loan-of-77-2-million-for-young-companies-to-refinance-multifamily-project-in-new-rochelle","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/greystone-capital-advisors-arranges-cerberus-loan-of-77-2-million-for-young-companies-to-refinance-multifamily-project-in-new-rochelle\/4654\/","title":{"rendered":"Greystone Capital Advisors Arranges Cerberus Loan of $77.2 Million for Young Companies\u00a0to Refinance Multifamily Project in New Rochelle"},"content":{"rendered":"
An affiliate of Cerberus Capital Management, L.P. (\u201cCerberus\u201d), a global leader in alternative investing, provided the bridge loan to refinance The Rockwell<\/strong>, which was developed by the Young Companies and Phil Craft joint venture. <\/p>\n

The Rockwell is a 5-story, 114-unit building with approximately 21,000 square feet of commercial space located in the New Rochelle submarket along North Avenue between the MetroNorth stop and the college district. Young Companies\u2019 CEO, Robert Young, assembled the land over numerous years and collaborated with Phil Craft to build The Rockwell to an unparalleled standard in New Rochelle. The property boasts top-of-the-line apartment finishes; a broad range of amenities, including a gym; on-site parking; and a rooftop terrace and lounge.All the retail space has been leased to CVS, Smokehouse Tailgate Grill, Finish Line PT, and Kung Fu Tea, providing benefits to both the building\u2019s tenants and the community.<\/p>\n

The Greystone Capital Advisors\u2019 team of Drew Fletcher, Matthew Klauer, and Jesse Kopecky represented the borrower in arranging the financing, and closed the loan in less than 30 days.<\/p>\n

\u201cGreystone Capital Advisors again delivered an excellent execution, and we are very happy to commence a relationship with Cerberus,\u201d said Mr. Young. \u201cThe Rockwell is the linchpin in the revitalization of the North Avenue corridor north of Lincoln Avenue (NOLA!), and we look forward to working on future projects with Greystone and Cerberus.\u201d<\/p>\n

Mr. Klauer said: \u201cCertainty of execution and expediency were of critical importance to our client. Cerberus, led by Pankil Doshi and Cierra Taylor, remained focused and delivered an efficient closing process, enabling our client to quickly move from term sheet to closing.\u201d<\/p>\n

Neha Santiago, Cerberus\u2019 Head of Real Estate Private Credit, commented: \u201cThe Rockwell is a high-quality asset in a desirable location supported by robust leasing activity. These attributes coupled with a strong sponsor are what we look for in our partnerships and we are excited to support Young Companies on this property.\u201d<\/p>\n

About Greystone<\/strong>
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and\/or other Greystone affiliates. Greystone Capital Advisors is a full-service real estate capital intermediary and advisory team that services a select group of the most prominent real estate owners and developers across the U.S.\u202fFor more information, visit www.greystone.com<\/u><\/a>.<\/p>\n

About Young Companies<\/strong>
The Young Companies is a full-service real estate development company based in New Rochelle, New York. Founded in 1993, this veteran-owned business brings a solid and dependable management team and deep experience to every new project. The firm has a unique blend of strategic vision and financial practicality, which brings a fresh perspective to Westchester\u2019s emerging redevelopment opportunities. For more information, visit www.youngcompanies.com<\/a>.<\/p>\n

About Cerberus<\/strong>
Founded in 1992, Cerberus is a global leader in alternative investing with over $55 billion in assets across complementary credit, private equity, and real estate strategies. Our real estate platform invests in the debt and equity of commercial and residential properties and portfolios, as well as directly into real estate operating companies and servicing platforms that can provide our investments with a competitive edge to drive value. Our team has extensive experience sourcing and investing across asset classes, property types, and geographies during all phases of the economic cycle. Cerberus Real Estate has invested approximately $29 billion of equity in more than 575 transactions around the world, including non-performing loan portfolios secured by real estate, a category where we are one of the world\u2019s leading investors. For more information about our people and platforms, visit us at www.cerberus.com<\/u><\/a>.<\/p>\n

PRESS CONTACT:<\/strong>
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@Greyco.com<\/a><\/p>\n

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NEW YORK, Nov. 10, 2021 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, announced it has arranged a $77.2 million loan for a joint venture between Young Companies and Phil Craft.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4654"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=4654"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4654\/revisions"}],"predecessor-version":[{"id":4659,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4654\/revisions\/4659"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=4654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=4654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=4654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}