42-W.-Broad-St.-Mount-Vernon-New-York

Otera Capital Provides $93M Loan for Refinancing of Multifamily Property in Mount Vernon, New York

by Taylor Williams

MOUNT VERNON, N.Y. — Canadian institutional investment firm Otera Capital has provided a $93 million loan for the refinancing of a 249-unit multifamily property in Mount Vernon, about 20 miles north of Manhattan. The 16-story building at 42 W. Broad St. houses studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, game room, entertainment kitchen, outdoor dining areas, coworking spaces, library and a courtyard garden. Kellogg Gaines and Geoff Goldstein of JLL arranged the financing. The borrower is a joint venture between two New York City-based firms, Alexander Development Group and The Bluestone Organization, and institutional investors advised by JP Morgan Asset Management.

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