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.