The Hudson Companies closes $66 million loan for 70 Abendroth Ave. multifamily development

Port Chester, NY The Hudson Companies closed on $66 million in construction financing for a new Class A multifamily development located at 70 Abendroth Ave.

The loan was provided by Truist Bank and will support the construction of a 203-unit, transit-oriented multifamily development. The six-story project will include market-rate and affordable apartments, ground-floor retail, a community facility, and structured parking, contributing to the continued revitalization of the village’s Main St. corridor.

Cushman & Wakefield’s John Alascio and Chuck Kohaut arranged the financing on behalf of the borrower.

“We continually seek opportunities to deliver high-quality housing in growing markets outside major cities, and this project reflects that focus as our second development in Westchester County,” said Ernesto Padron, development director at The Hudson Companies. “The development will continue to elevate Port Chester’s thriving downtown, bringing much-needed housing, new retail life, and several community benefits. We’re grateful to Cushman & Wakefield and Truist for their support and look forward to working on the next phase of the project.”

“This transaction underscores the depth of lender interest in well-located, fully entitled multifamily developments in supply-constrained transit-oriented markets like Port Chester,” said Chuck Kohaut, managing director with Cushman & Wakefield’s Equity, Debt & Structured Finance group. “Hudson Companies has a proven track record executing complex, community-oriented developments, and Truist recognized the strength of both the sponsorship and the project’s fundamentals in delivering a market-leading execution.”

“This financing reflects Truist’s continued investment in transit-oriented housing across the Northeast,” said Rebecca Cox, senior vice president and market manager at Truist National Real Estate. “Led by Truist CRE Banker Michael Rogers, our team is proud to support Hudson Companies on a project that delivers new housing and fuels economic expansion in communities like Port Chester, New York.”

This transit-oriented development will deliver 203 residential apartments, with 10% dedicated to affordable workforce housing at 60% Area Median Income (AMI). The site will also introduce around 10,000 s/f of ground floor retail spaces and include space for the Human Development Services of Westchester. Situated near the Port Chester Metro-North station, the development will offer direct access to Manhattan in 40 minutes and is designed to serve both young professionals and downsizing households seeking a walkable, amenity-rich downtown environment. The project has secured long-term tax incentives and is fully approved for construction, which is expected to begin in Q1 2026.