Crossroads Impact Corp. & 3650 REIT Provide $83M Construction Loan For New Rochelle Multifamily Project

The property asset involved in this transaction is a multifamily building located at 33 Westchester Place in New Rochelle. The asset features a total square footage of 3,276 and comprises 315 units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $83,000,000
• Lender: Crossroads Impact Corp. & 3650 REIT
• Loan Type: Construction
• Brokers: Keegan Burger & Justin Neelis - Concord Summit Capital

The deal was sourced on behalf of the existing senior lender who had already funded the project to more than 50% completion. The new lender entered the project mid-construction, aligning with a multilayered capital stack that incorporated Commercial Property Assessed Clean Energy program financing and a brownfield tax credit bridge loan. Concord Summit Capital effectively facilitated the transaction, ensuring the project was funded within a single construction draw cycle.