SCALE Lending recently provided a $64 million financing package for developers to complete a new 14-story tower at 64 Centre Street in New Rochelle. From developer Allstate Ventures and Richard Bienenfeld Architect, the building will create 144 rental apartments in studio, one-, and two-bedroom floor plans. Additional components include 1,550 square feet of retail, on-site parking, and an unspecified suite of amenities.
“We are happy to be expanding our geographical boundaries and into another high-quality market and asset,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “The high demand and low supply for quality residential product in New Rochelle was a key driver for us. We’re excited to work with Allstate Ventures, an experienced developer in the New Rochelle area, on a project that will transform the city’s civic center.”
The financing of the deal was arranged by Cushman and Wakefield.
Renderings show a white brick façade with a staggered window grid grouped into sections two stories high and separated with black metal paneling. There is a small setback a third of the way up, and the roof features a landscaped outdoor terrace.
The project represents phase one of Westchester Place, a three-building complex comprising 406 apartments, more than 11,000 square feet of retail space, and 343 new parking spaces. The two other development sites are located at 316 Huguenot Street and 8 Westchester Place.
To date, the development team has not announced when 64 Centre Street will be completed.