Rose Associates recently closed on $182 million in construction financing to redevelop an existing 13-story office property for residential and retail use. The property is located at 440 Hamilton Avenue in White Plains, New York and will eventually comprise 255 apartments and 3,400 square feet of ground-floor retail.
Scope of development includes construction of a new seven-story building and a six-level parking garage designed to accommodate 575 vehicles. Additional amenity spaces will include an outdoor pool, communal lounge spaces, and a fitness center.
Since originally revealed by YIMBY in 2017, the facade of the building no longer features a glass-clad chevron design. A new simplified design features white and black cementitious materials, floor-to-ceiling windows outside the ground-floor retail component, and a typical punched window system above for the residential volume.
Previous rendering of 440 Hamilton Avenue
Updated rendering of 440 Hamilton Avenue – Rose Associates
The financing package includes a $134.51 million senior construction loan from Pacific Western and a $47.4 million preferred equity investment from Square Mile Capital for a total injection of $181.91 million.
The project team has not revealed an updated construction timeline for the property.
Pre-developed conditions at 440 Hamilton Avenue – LoopNet
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Not as good as the previous rendering, but still a big improvement over what’s there.