Dobbs Ferry, NY Saber Dobbs Ferry, LLC has secured a $42 million construction loan from M&T Bank for Rivertowns Sq., the $130 million, 120,000 s/f mixed-use development currently under construction. In celebration of this important step in the project, they will host a groundbreaking ceremony on October 6th at 10 a.m. The ceremony will feature remarks from representatives from Saber Dobbs Ferry as well as local dignitaries, village and County officials.
“The closing of the construction loan marks another important milestone in the Rivertowns Sq. project, and we are thrilled to celebrate the occasion alongside the community members that have helped make this all possible,” said Marty Berger, managing member at Saber Dobbs Ferry.
Saber Dobbs Ferry is a partnership between Saber D.F., an affiliate of Saber Real Estate Advisors, LLC, and Dobbs Ferry Capital Partners, an affiliate of Chauncey Station Partners, LLC.
Saber Dobbs Ferry, which includes Berger, Michael Klinger, Corey Rabin, Douglas Smolev and Chris Lynch, worked with the team from M&T Bank’s Westchester Region to secure the two-year construction loan. The financing team consisted of Michael Weinstock, group VP and senior commercial real estate manager; Mark Walz, VP and commercial real estate group manager; and Ryan McAuliffe, VP and senior commercial real estate relationship manager.
The loan will help support the construction of Rivertowns Sq.’s retail, dining and entertainment offerings, as well as the structural base of a 138-room hotel.
“Rivertowns Sq. is an important development project in Dobbs Ferry because it will create a combination of residential and commercial units and provide a number of additional services to the community, including a hotel and great retail space,” said McAuliffe. “Saber Dobbs Ferry has a strong vision for the project and we’ve agreed to provide key financing to help bring this investment in the community to fruition.”
In addition to the construction loan, Saber Dobbs Ferry was also approved for a mortgage tax exemption of $551,200 and an estimated sales tax exemption estimated of approximately $2.2 million from the Westchester Industrial Development Agency (IDA).
“We are very excited about the Dobbs Ferry project and the hundreds of jobs it will create and we’re certainly very pleased our IDA was able to assist in bringing it to fruition,” said William Mooney III, director of economic development for Westchester County.
The Rivertowns Square project will create 650 temporary and permanent jobs upon completion. The development will feature a hotel, restaurants, boutiques and entertainment along with 202 luxury apartments, of which 20 will be designated as affordable. Conveniently located off the Saw Mill River Parkway, which is driven on by more than 60,000 cars daily, Rivertowns Square will also feature ample free parking for guests.
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