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Mount Vernon Luxury Multifamily Project Secures Construction Loan

The project, already under construction, calls for the development of a 16-story building with 249 rental apartments and 11,324 net rentable square feet of first-floor retail space at 42 Broad St. West in Fleetwood.

By John Jordan | Updated on December 14, 2017

42 Broad St. West in Mount Vernon will feature 249 luxury apartments. Credit: Perkins Eastman 42 Broad St. West in Mount Vernon will feature 249 luxury apartments. Credit: Perkins Eastman

MOUNT VERNON, NY—Alexander Development Group and joint venture partners the Bluestone Organization and JP Morgan Asset Management have secured construction financing for the $95-million 42 Broad St. West mixed-use luxury rental apartment project in the Fleetwood section of Mount Vernon.

The law firm Cole Schotz P.C., which represented the developers in the transaction, report that the development team secured $59-million in construction financing from Santander Bank and People’s United Bank. No financial terms of the transaction, which closed on Dec. 11, were released. The Cole Schotz team that worked on the deal consisted of partners Rab N. Nalavala and Roger Iorio, special counsel Stuart Rosen, associates Danielle Pasquariello and Samantha Epstein and paralegal Basira Miah.

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