**North River Partners Secures $20M Construction Loan for Valley Stream Multifamily Project**
North River Partners and funds managed by AB CarVal have successfully closed on a $20-million construction loan for *The Wellington*, a new 63-unit multifamily development in Valley Stream, NY. The project, led by Invictus Construction Management, will bring a significant residential addition to the area. North River Partners, a New York City-based real estate lender specializing in bridge and construction financing, originated the loan.
The Wellington will feature a modern five-story design with 63 market-rate residential units, two elevators, and ground-floor parking. The Town of Hempstead Industrial Development Agency has approved a 15-year Payment in Lieu of Taxes (PILOT) program, offering substantial economic incentives, including mortgage recording and sales tax exemptions.
“The Wellington not only meets the growing demand for high-quality rental housing in Valley Stream but also leverages excellent transportation connectivity and robust local amenities,” said Jeff Rosenfeld, managing partner of North River Partners.
This strategic development is expected to enhance the Valley Stream residential market while benefiting from strong community support and financial incentives.
