AMS breaks ground on $78m development for active adult community - Arrow arranges $50.5m construction loan
Yorktown, NY AMS Acquisitions has secured $50.5 million of construction financing for the development of a new 55+ active adult community located at 800 East Main St. The construction loan was provided by OceanFirst Bank N.A. The financing was arranged by Arrow Real Estate Advisors brokers Morris Betesh, founder and managing partner, Alex Bailkin, senior vice president, and Andrew Rosenberg, analyst.
“Sylvan Woods Yorktown offers downsizers the best of both worlds; a quiet tucked-away location with easy access to local conveniences. The community is nestled on a private hilltop that sits at the confluence of the Taconic and Rte. 6. The location and resort like lifestyle will offer an unparalleled experience for downsizers in Westchester and the greater region,” said Ari Mitnick, director of acquisitions for AMS, which is based in Fort Lee, N.J.
This development marks the fourth addition to AMS Acquisitions’ Sylvan Woods active adult brand. AMS continues to build on strong demand and leasing momentum seen at other Sylvan Woods properties, including a nearby community in Buchanan, New York.
The project involves the redevelopment of a former office building into a 217,194 gross s/f, four-story active adult development totaling 180 one- and two-bedroom units. Planned amenities include a double-height great room, multiple resident lounges, game room, state-of-the-art fitness center, movement studio, spa with steam and sauna rooms, swimming pool, courtyard with barbeque area, sports courts, and natural walking trails. Construction is expected to be completed in the second half of 2027.
“Yorktown is an affluent market in Westchester County with strong demographics but a constrained supply of active adult products due to high barriers to entry for new development,” said Betesh. “We are happy to assist on another transaction for a long-time client and look forward to their continued success as they scale their platform.”