February 21, 2020
Capital One served as the lead bank for a $131.2-million construction loan for the ground-up development of 26 South Division, a 28-story, mixed-use apartment tower in New Rochelle, NY. The sponsor is RXR Realty, which is serving as master developer for the City of New Rochelle. The 42-month interest-only floating-rate loan has two extension options.
26 South Division St. will feature 352 market-rate apartments and more than 12,000 square feet of retail. The development is a major component of RXR’s redevelopment plan for the city, which also included the opening of their 360 Huguenot property this past summer.
“At a time when prospective renters face difficult trade-offs between quality housing and ease of commute, New Rochelle is a natural extension of the transit-oriented story that has developed in places like Long Island City, portions of Brooklyn and Jersey City,” said Capital One VP Prithvi Mohan.
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