The real estate investment, development and management company LCOR and JLL Capital Markets announced the closing of a $94 million construction loan from Pacific Life for 247 North Ave. in New Rochelle.
The new 28-story, ground-up development will be an all-electric property and one of the largest residential geothermal projects in New York. The development will feature 307 residential rental units, 1,800 square feet of ground-floor commercial space and parking for 257 vehicles. The residential units will include studio, one- and two-bedrooms, with 31 affordable apartments available to residents earning 80% of the Area Median Income.
Construction of 247 North Ave. is already underway and is expected to be completed in the second quarter of 2025. Rather than using fossil fuel-fired equipment, the geothermal system will provide heat and cooling throughout the property via a series of geothermal wells located deep under the building, thus reducing carbon emissions while lowering utility costs.
Photo: Artist”™s rendering of the new development
