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. An affiliate of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, provided the bridge loan to refinance The Rockwell, which was developed by the Young Companies and Phil Craft joint venture.
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’ 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’s tenants and the community.
The Greystone Capital Advisors’ 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.
“Greystone Capital Advisors again delivered an excellent execution, and we are very happy to commence a relationship with Cerberus,” said Mr. Young. “The 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.”
Mr. Klauer said: “Certainty 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.”
Neha Santiago, Cerberus’ Head of Real Estate Private Credit, commented: “The 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.”
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. For more information, visit www.greystone.com.
About Young Companies
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’s emerging redevelopment opportunities. For more information, visit www.youngcompanies.com.
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’s leading investors. For more information about our people and platforms, visit us at www.cerberus.com.