JLL Capital Markets secures $93M refinancing loan for Mount Vernon multifamily property

JLL Capital Markets announced it has secured a $93 million loan to refinance 42 West Broad St., a 16-story luxury rental property in Mount Vernon, New York.

Located in the Fleetwood submarket, the property contains 249 units offering studios, one- two- and three-bedroom apartments. It also features 20,000 square feet of amenities including a fitness center, heated pool with shaded pergolas and a 17th-floor roof deck with outdoor kitchens, dining area and a fireplace.

JLL represented the borrower, a joint venture between Alexander Development Group, The Bluestone Organization and institutional investors advised by JP Morgan Asset Management. The loan was secured from Canadian institutional lender Otera Capital.

“JLL has been a superb partner as we have navigated highly disruptive capital markets to bring this incredible development to fruition,” said Mark Alexander, principal at Alexander Development. “42 West Broad St. brings a unique collection of homes to the Fleetwood community that sets it apart from other properties.”