September 8, 2022 | By Peter Katz | WestfairOnline.com
News in Detail
Loans in place as work begins at Sleepy Hollow residential site
Site work is underway with pilings being put in place for The Daymark at Edge-on-Hudson in Sleepy Hollow, a 100-unit five-story waterfront condominium building that also will have 9,000 square feet of retail space. The Daymark is one of several residential elements in the Edge-on-Hudson development that is being built on the former site of a General Motors assembly plant. Developers Biddle Real Estate Ventures (BREV) and PCD Development say they expect to have a sales office open at The Daymark in the first quarter of 2023.
The Edge-on-Hudson project as a whole is planned to include 1,177 residential units consisting of rental apartments, condos and townhouses. A 140-room boutique hotel is planned along with 135,000 square feet of retail space and 35,000 square feet of office space, in addition to more than 16 acres of new parkland. There also will be a 30,000-square-foot DeCicco & Son’s supermarket with a 5,000-square-foot pharmacy attached.
Financing for The Daymark now includes a $37.2 million mezzanine loan that was announced Sept. 7 by Lionheart Strategic Management LLC. The mezzanine loan follows a $105 million senior loan from Centennial Bank.
According to Lionheart, it invests subordinate capital in the form of mezzanine loans, B notes, second mortgages, and preferred equity for transitional commercial real estate properties supported by strong sponsors. Lionheart explains that Fisher Brothers, a leading commercial real estate developer and operator for more than 100 years, has entered into a services agreement with Lionheart to provide due diligence and post-closing surveillance.
Andy Klein, managing director of Lionheart, said,“This project will meet continued and growing demand for quality new residential products in Westchester County.”
Peter Chavkin, founder of BREV, said his firm is “gratified to have the support of Lionheart Strategic Management and Centennial Bank behind us in order to bring this project to fruition, along with the design expertise of COOKFOX Architects and the experienced team at Hines as development manager.” Hines, based in Houston, currently has almost 200 developments underway around the world.
Amenities for The Daymark include a pool, fitness center, resident lounge, yoga studio, children’s playroom, pet studio, two landscaped courtyard terraces with Hudson River views and a rooftop deck.