Berkadia secured a $126.407-million loan to refinance Two Clinton Park, a 28-story luxury apartment tower with 390 residences and 7,574 square feet of ground-floor retail space at 50 Clinton Pl. in downtown New Rochelle, NY. The loan is a Fannie Mae Near Stabilization execution, a conventional, eight-year loan featuring full-term interest-only payments amortized over 35 years.
Managing Director Brad Williamson of Berkadia Miami and Senior Managing Director Chris Ellis of Berkadia Denver, along with Managing Director Paul Patafio of Hudson Realty Capital, arranged the financing on behalf of the sponsors, RXR and Bridge Investment Group, with support from Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler, Matthew Robbins, Kevin Batt, Brian Huff and Matt Schildwachter.
The property, completed in 2024, is now 93% occupied. “The strength of the sponsorship, combined with New Rochelle’s pro-development framework and continued population growth, made this an exceptionally compelling financing opportunity for the agency market,” said Williamson.
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