Strategic Capital Secures $70M Loan for River Club at Hudson Park
Real Estate In-Depth | July 10, 2019
YONKERS—Global commercial real estate advisory firm Newmark Knight Frank announced on July 2 it had arranged a $70-million fixed-rate loan for the financing of the River Club at Hudson Park in Yonkers on behalf of Strategic Capital, the investment arm of China Construction America.
The Newmark Knight Frank team was led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of debt and structured finance, along with Chris Kramer, Dan Fromm and Nick Scribani. The loan was provided by Guggenheim.
The property is a 24 story, 213-unit multifamily development on the Hudson River waterfront and is the third and final phase of a larger redevelopment plan. The property includes access to a 206-space parking garage, indoor pool, 24-hour fitness center and rooftop lounge and received a temporary certificate of occupancy in December 2018 and is currently in lease up.
River Club is currently the tallest residential tower on the Yonkers riverfront, giving unobstructed views of the Hudson River and surrounding area.
The building has 22 studio apartments, 128 one-bedroom units, and 63 two-bedrooms, with an average unit size of 774 square feet. Each unit boasts luxury finishes including white oak floors, sleek granite counters, and floor-to-ceiling windows providing unobstructed views of the Hudson River and surrounding area. Amenities include the only indoor pool in Yonkers, 24-hour fitness center, rooftop lounge and bar, 24/7 concierge service, and butterfly MX smartphone video intercom. The property is steps away from the Metro North station and is a 28-minute ride to Grand Central Station.
“The unmatched amenity package and unobstructed views make the River Club at Hudson Park the premier new multifamily property in Yonkers and will certainly continue to attract a vibrant tenant base,” said NKF’s Stolly.
“The quality of location and strong leasing momentum allowed us to procure long term, fixed-rate financing for the property prior to stabilization,” added NKF’s Roeschlaub.
Strategic Capital owns and operates 566 units at Hudson Park I & II since 2015. River Club will be the third and final phase of the development. Headquartered in Jersey City, NJ, Strategic pursues investment opportunities across the Americas in the fields of commercial, residential and mixed-used real estate, as well as infrastructure.