Berkadia has secured a $126.407 million refinancing loan for Two Clinton Park, a recently delivered luxury multifamily high-rise in downtown New Rochelle, NY. The 28-story tower, located at 50 Clinton Place, comprises 390 residential units and 7,574 square feet of ground-floor retail space. Completed in 2024, the property has rapidly leased up and is now reported to be 93% occupied.
The new loan was structured as a Fannie Mae Near Stabilization execution, designed for assets that have largely completed lease-up but are still moving toward full stabilization. The financing is a conventional, eight-year loan featuring full-term interest-only payments, with the debt amortized over 35 years. The loan proceeds refinance existing debt on the property for sponsorship while locking in long-term agency financing tied to the asset’s current performance.
A Berkadia and Hudson Realty Capital team arranged the financing on behalf of the sponsors, RXR and Bridge Investment Group. The advisory group was led by Brad Williamson, managing director in Berkadia’s Miami office, and Chris Ellis, senior managing director with Berkadia in Denver. They were joined by managing director Paul Patafio of Hudson Realty Capital, who also played a key role in structuring the deal alongside the broader Berkadia capital markets platform.
Additional support on the assignment came from multiple Berkadia professionals across markets and disciplines. Senior managing director Mitch Sinberg and managing directors Scott Wadler, Matthew Robbins, Kevin Batt, Brian Huff and Matt Schildwachter contributed to the transaction. Their combined effort helped align the sponsors and Fannie Mae on loan terms tailored to the building’s lease-up profile and operating performance.
Williamson cited both the sponsorship profile and the local growth environment as central to lender interest in the opportunity. He pointed to the strength of RXR and Bridge Investment Group, along with New Rochelle’s pro-development policy framework and ongoing population growth, as factors that supported execution in the agency market. Those dynamics were positioned as aligning with Fannie Mae’s appetite for near-stabilized multifamily assets in growing urban cores.
The closing underscores ongoing capital markets access for well-leased, institutionally sponsored multifamily product in established New York metro submarkets. With occupancy already at 93% less than two years after completion, Two Clinton Park offers a combination of scale, downtown location and recent vintage that matched Fannie Mae’s lending criteria. For RXR and Bridge Investment Group, the refinance converts the asset’s lease-up momentum into long-term, interest-only agency financing at a point where the property is nearing full stabilization.
