The development would cost approximately $30 million to develop (including soft and hard costs) and will take about 14 months to complete, he says. Prices of the one bedroom and two bedroom units (ranging in size from 800 sf to 1,200 sf) would run at an annual rate of $32 per sf. Therefore, rental units of 800 sf would be subject to a monthly rental charge of approximately $2,133 and 1,200-sf apartments would cost approximately $3,333 a month. Of the 106 units, six apartments have been designated as affordable units.

Seltzer officials relate that “The Hamilton” will also feature a health club, washer/dryer in each unit and underground parking that would have at least one space set aside per unit.

The Hamilton joins a host of rental apartment projects now underway in the city. Major rental developments include 600 units to be built as part of Cappelli Enterprises' City Center project, another 500 units at the Bank Street development now under construction down by the White Plains railroad station, Jefferson Place on Mamaroneck Ave., that will feature 281 rental units and another 260 units of rental housing under construction at Canfield Ave., nearby Lake St.

Saying he was aware of the other rental housing developments in the pipeline, Seltzer comments, “We think that White Plains is a spectacular location for apartments and the pent-up demand is terrific.” Seltzer revealed his firm had an option on the property for about a year before it decided to purchase the site.

David and Eric Seltzer, principals of Hamilton Plaza LLC contributed $3.8 million to Hamilton Plaza, the sale price for the property. Proceeds of the loan will also be used to complete conditions involved in the funding of construction and mezzanine loans.

The development also received $2.7 million in acquisition and pre-development loan financing provided by SWH Funding Corp., of Hackensack, N.J., in conjunction with Newbridge Realty Capital, LLC, a newly formed real estate investment company. The proceeds of the loan were used to make an initial $2 million payment on the property. The balance of the proceeds of the loan was used to pay project costs such as an architectural fee to complete the plans, set up reserves for taxes and insurance along with the permanent loan commitment fee and to pay closing costs, SWH Funding officials related.

SWH Principal Sandford S. Herrick also agreed that the White Plains market is still an attractive locale for rental housing. “Westchester County is among the country's wealthiest suburban counties and home to many Fortune 500 companies which have migrated there since the 1950s. Because of restraints on growth imposed by the difficulty of getting approvals, the White Plains market has not experienced overbuilding, and even today, with about 1,000 units either planned or under construction, it is not expected to experience lease-up problems. The borrower is also a highly experienced developer with great success in similar residential projects.”

The Seltzer Group is a 30-year old family-run development firm that has built approximately 20 million sf of housing in the United States, mainly on the eastern seaboard and in Texas.