Loan Amount$77.2 million
Greystone 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.