Greystone Arranges $35M for Multifamily Project in New Rochelle, New York

by Taylor Williams

NEW ROCHELLE, N.Y. — Greystone has arranged a $14 million ground lease and a $21 million leasehold construction loan for a 75-unit multifamily project that will include 7,300 square feet of commercial space in New Rochelle, a northern suburb of New York City. Leasehold construction financing refers to a loan to develop a building on land that is ground-leased. RMWC, an investment advisory firm with four offices across the country, provided the loan to the borrower, locally based developer The Young Cos. Drew Fletcher and Matt Klauer of Greystone placed the debt and also arranged the ground lease with Haven Capital.

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