Thorofare Capital has provided a $23,350,000 floating-rate senior loan for the refinance and lease-up of a Class A, seven-story mixed-use property located in downtown New Rochelle, New York. The Illustrator features 75 residential units and 6,150 square feet of ground-floor amenity retail across four commercial suites. The property was 91% leased at loan origination and offers large floor plans with premium finishes, attracting residents seeking upscale living in a dense, transit-oriented urban setting.

The Illustrator’s location offers easy access to Metro North commuter and Amtrak regional rail and is 40-minute car ride to Manhattan. The MTA is currently implementing the Penn Station Access. The project, which will provide a direct train connection from Penn Station to New Rochelle, the sole stop in Westchester County.

Residents have access to robust amenities, including two levels of covered parking, a rooftop deck, grilling stations, coworking space, a community lounge, pet wash, dog run, and private storage lockers.

The sponsor utilized loan proceeds to refinance the original construction debt, fund reserves, and cover transaction-related costs. The sponsor plans to complete lease-up, allow rent concessions to burn off, and pursue a permanent refinance upon stabilization.

The sponsor is a New York-based developer with a focus on urban infill multifamily projects.