Wilder Balter Partners and L+M Development Partners announced closing on a $49.2 million construction loan with M&T Bank today to develop 25 Maple Avenue in Downtown New Rochelle – the first new project to start construction since the COVID-19 pandemic. 

“We strongly believe in the renaissance of New Rochelle and are excited to continue our work here,” said William Balter, president and co-founder of Wilder Balter Partners. 

WBP and L+M formed a joint venture to develop the site, formerly a municipal parking lot, in 2018. Construction on the project is slated to begin this month and is estimated to take two years. 

The seven-story building will consist of 184 rental apartments and approximately 1,500 square feet of ground floor commercial space. In addition to parking for residents, 25 Maple Avenue will also feature a 200-space municipal parking structure for the City of New Rochelle, funded in part through a $500,000 grant provided by Empire State Development’s Regional Economic Development Council. 

It’s located in the heart of New Rochelle’s downtown district, featuring easy access to the city’s Main Street commercial center and just a 10-minute walk from the New Rochelle Metro North and Amtrak train station. The City of New Rochelle issued the initial RFEI seeking developers for the site in the Spring of 2018. 

The project is designed by Beyer Blinder Belle, and its engineers are Christie Engineering and ICOR Associates.

Financing was arranged directly with M&T Bank. The project benefits from a property tax abatement and other incentives granted by the New Rochelle IDA and will contribute funds toward the redevelopment of Anderson Plaza in downtown New Rochelle. 

"As we continue to work through these unprecedented times our team is open for business and ready to help clients like Wilder Balter Partners and L+M Development Partners through our financing options," said Drew Kessler, VP of Commercial Real Estate for M&T Bank. "We’ve worked with Wilder Balter Partners for 20 years and are proud to be a part of their mission to help shape the residential landscape of the Hudson Valley."

“New Rochelle is leading the way back for the region following the COVID-19 pandemic, and 25 Maple Avenue will play a major role in my hometown’s continued recovery,” said Ron Moelis, CEO and Co-Founder of L+M Development Partners. “We believe in New Rochelle and its people, and we are proud to be a part of the city’s ongoing revitalization – both now and for many years to come.” 

“As one of the first communities in America to face COVID-19, New Rochelle is now poised to lead our region’s recovery,” said City of New Rochelle Mayor Noam Bramson “This significant project milestone illustrates the resilience of our local economy and demonstrates confidence in New Rochelle’s future.  The team of L+M and Wilder-Balter has already done outstanding work throughout the New York metropolitan area, as well as here in New Rochelle, and 25 Maple will be no exception.”

“As the City of New Rochelle continues to re-open, this key milestone for 25 Maple highlights the ongoing strength and confidence of investing in our growing Downtown community and the city’s economic future,” said City of New Rochelle Commissioner of Development Luiz Aragon. “I congratulate the team of L+M and Wilder-Balter on this tremendous accomplishment and thank them for their hard work during these unprecedented times.”

“We welcome 25 Maple Avenue as part of the rebirth and development of our downtown. And, this project will provide a valuable amenity: quality parking for our residents, shoppers and seniors,” said Council Member Martha Lopez. 

L+M Development Partners and the City of New Rochelle have enjoyed a close partnership for several years. 25 Maple’s groundbreaking comes two months after the developer partnered with city leaders, Wilder Balter and others to launch NourishALL, an innovative meal program designed to help New Rochelle’s most vulnerable residents with critical food sourcing during the COVID-19 health crisis while also providing financial support to mom-and-pop restaurants impacted by the ongoing economic downturn.

Additionally, L+M and Wilder Balter are building 14 LeCount Place, a 27-story residential and commercial tower in downtown New Rochelle. The 457,000 square foot project will have 380 units of housing including 95 affordable units as well as more than 5,700 square feet of retail space, garage parking and a penthouse-level outdoor pool highlighting a substantial resident amenities package. That project broke ground in November and is expected to be completed in 2022.