Arrow Real Estate Advisors arranges $28 million construction loan for 128 units

Yonkers, NY Arrow Real Estate Advisors arranged a $28 million construction loan on behalf of Alma Realty Corp. for the development of 70 Jackson St., a 128-unit multifamily project.

The financing, provided by BHI, will support the construction of the 150,000 s/f, eight-story residential development. Situated on the site of the former School 19, the project will feature a mix of market-rate and affordable apartments, further advancing Alma Realty Corp.’s long-term investment strategy in the city, one of Westchester County’s fastest-growing residential markets.

The transaction presented a unique execution challenge, requiring the construction financing to close simultaneously with agreements involving the Yonkers Industrial Development Agency (IDA) and the Yonkers Economic Development Corp. (EDC). Arrow Real Estate Advisors led a competitive financing process that generated interest from several prominent bank lenders before identifying BHI as the optimal financing partner for the institutional sponsorship. The team coordinated the parallel closings to ensure a seamless execution across all parties.

“Pairing two institutional partners positions this project for long-term success while delivering high-quality market-rate and affordable housing in one of the fastest-growing and most dynamic markets in Westchester County,” said Jacob Schmuckler, senior director at Arrow Real Estate Advisors.

The financing was arranged by Schmuckler, Morris Betesh, Jacob Petrovic, and Jonah Schultz of Arrow Real Estate Advisors.