Allstate Ventures Secures $48M Construction Loan for Mixed-Use Property in New Rochelle
Allstate Ventures secures a $48M construction loan from SCALE Lending for a mixed-use property with 144 units located at 64 Centre Street in New Rochelle.
Allstate Ventures, a real estate investment firm based in New York, has secured a $48 million construction loan from SCALE Lending for a mixed-use property located at 64 Centre Street in New Rochelle. The property features 144 units and is located in a prime location in the heart of New Rochelle’s commercial district.
The loan, which was arranged by Martin Nussbaum and David Schwartz of SCALE Lending, will be used to finance the construction of the property. The loan is a construction loan, which means that the funds will be disbursed in stages as the construction progresses.
The property is a mixed-use development that will feature both residential and commercial space. The residential portion of the property will consist of 144 units, while the commercial space will be used for retail and office purposes. The property is located in a prime location in the heart of New Rochelle’s commercial district, which is known for its vibrant mix of retail, dining, and entertainment options.
Allstate Ventures, the landlord, is a well-established real estate investment firm that specializes in the acquisition, development, and management of commercial and residential properties. The firm has a proven track record of success in the industry and is known for its ability to identify and capitalize on attractive investment opportunities.
SCALE Lending, the lender, is a leading provider of financing solutions for commercial real estate projects. The firm has a strong reputation in the industry and is known for its ability to provide flexible and innovative financing solutions that meet the unique needs of its clients.
The deal was a win-win for both parties. Allstate Ventures was able to secure the financing it needed to move forward with the development of the property, while SCALE Lending was able to provide a flexible and innovative financing solution that met the needs of its client. The brokers, Martin Nussbaum and David Schwartz, were instrumental in bringing the two parties together and facilitating the deal.
Overall, the $48 million construction loan secured by Allstate Ventures for the mixed-use property at 64 Centre Street in New Rochelle is a significant development in the commercial real estate market. The property is located in a prime location in the heart of New Rochelle’s commercial district and is expected to generate strong demand from both residential and commercial tenants. With the financing in place, Allstate Ventures is well-positioned to move forward with the development of the property and capitalize on the strong demand in the market.