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Walker & Dunlop funds $147.5M Port Chester multifamily project
The 322-unit development will use a 20-year PILOT agreement and is located in an Opportunity Zone, after Related Fund Management supplied the equity and Arbor Realty Trust provided construction financing.
Walker & Dunlop 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.
The sponsorship group is a joint venture between Hyperion, Winter Properties and AIP. Walker & Dunlop Capital Markets, led by Mo Beler, Jonathan Paine, Cory Elbaum, Jackson Irwin and Dawson Jessee, arranged the equity investment from Related Fund Management.
For the construction financing, Arbor Realty Trust secured funding, with participants including Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Stanley Cayre.
ConnectCRE said the property is in an Opportunity Zone and also benefits from a 20-year PILOT agreement, and Beler said the deal reflects continued demand for housing developments supported by public-sector incentives.