A partnership between RXR Realty and Rising Development have received a $118.3 million constuction loan provided by lead lender Capital One. The three-year interest-only adjustable-rate loan has two one-year extension options, the first of which is also interest-only. The second extension will amortize on a 30-year schedule, meaning that under certain circumstances, the $118.3 million loan may be upsized to $124.4 million.The project,
The project, Larkin Plaza, is a 567,000 square foot mixed use apartment building that will feature 439 units, including 17 affordable rate units divided amongst the 25- and 17-story residential towers. Residents will have access to a three-story parking facility with 589 spaces, concierge services and a landscaped roof terrace with outdoor seating. Each building will feature a ground floor retail component and will be linked by a two-story retail building with a roof deck that faces the Saw Mill River Promenade.
“Transit-oriented developments are generally attractive for a host of reasons and Larkin Plaza really ticks every one of those potential boxes,” stated Peter Welch, senior vice president at Capital One. “The project will offer luxury apartments just a block from Metro North, a short commute to Grand Central and the two towers that comprise Larkin Plaza will have a significant retail component.”
