Dealmaker: Greystone Capital Advisors Arranges $77M Multifamily Refinance

Greystone Capital Advisors, New York, arranged a $77.2 million loan for a joint venture between Young Cos. and Phil Craft to refinance to refinance The Rockwell in New Rochelle, N.Y.

A Cerberus Capital Management affiliate provided the bridge loan.

The Rockwell is a five-story, 114-unit building with 21,000 square feet of commercial space along North Avenue between the MetroNorth stop and New Rochelle’s college district. Young Cos. CEO Robert Young assembled the land over numerous years and collaborated with Phil Craft to build The Rockwell. The property’s retail space has been leased to CVS, Smokehouse Tailgate Grill, Finish Line Physical Therapy and Kung Fu Tea.

Greystone Capital Advisors President Drew Fletcher, Managing Director Matthew Klauer and Associate Jesse Kopecky represented the borrower. The financing closed in less than 30 days.

Young called The Rockwell important to the revitalization of the North Avenue corridor north of Lincoln Avenue.

Cerberus Managing Director Pankil Doshi and Associate Cierra Taylor represented the lender with Cerberus Head of Real Estate Private Credit Neha Santiago.