North River Partners and funds managed by AB CarVal closed on a $20-million construction loan secured by The Wellington, a ground-up 63-unit multifamily development in Valley Stream, NY. Spearheaded by Invictus Construction Management, the development marks a significant addition to the area’s residential market. North River Partners, a New York City-based real estate lender specializing in bridge and construction financing, originated the loan.
The Wellington is set to deliver a contemporary five-story building featuring 63 market-rate residential units, two elevators, and ground-floor parking. The Town of Hempstead Industrial Development Agency has approved a 15-year Payment in Lieu of Taxes (PILOT) program, providing substantial economic incentives to the project, including mortgage recording and sales tax exemptions.
“The Wellington not only meets the growing demand for high-quality rental housing in Valley Stream but also leverages excellent transportation connectivity and robust local amenities” said Jeff Rosenfeld, managing partner of North River Partners.
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