LCOR, a real estate investment, development and management firm has secured a $94 million construction loan for 247 North Ave., a 28-story all-electric residential geothermal project located in downtown New Rochelle. The 307 rental units will feature ground floor commercial space as well as parking for 257 vehicles. Utilizing geothermal wells to heat and cool the building, this project aims to reduce carbon emissions while lowering utility costs. Construction is underway with completion expected in Q2 2025.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Bob Tonnessen and Steven Klein. This marks another successful endeavor of LCOR’s commitment to sustainable development projects that are beneficial both economically and environmentally across its portfolio of properties nationwide.
