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Walker & Dunlop arranges $147.5M for Port Chester multifamily project
The 322-unit development at 2 South Main will be financed by Related Fund Management equity and Arbor Realty Trust construction debt, and it is in an Opportunity Zone with a 20-year PILOT.
Walker & Dunlop, Inc. has arranged $147.5 million in debt and equity capitalization for the construction of 2 South Main, a 322-unit multifamily project in downtown Port Chester, New York, according to ConnectCRE.
ConnectCRE says the sponsorship group is a joint venture between Hyperion, Winter Properties, and AIP. The Walker & Dunlop Capital Markets team, led by Mo Beler, Jonathan Paine, Cory Elbaum, Jackson Irwin, and Dawson Jessee, arranged the equity investment from Related Fund Management.
The outlet reports that construction financing was secured by Arbor Realty Trust through a group including Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Stanley Cayre.
ConnectCRE adds that the project is located in an Opportunity Zone and benefits from a 20-year PILOT agreement. Beler said the transaction reflects continued demand for well-conceived housing developments while leveraging public-sector incentives to support the project’s long-term positioning.