Loans in place at the start of work on the Sleepy Hollow residential site

Site work is underway with piling for The Daymark at Edge-on-Hudson at Sleepy Hollow, a five-story, 100-unit waterfront condominium that will also have 9,000 sq.ft. squares of retail space. The Daymark is one of several residential elements of the Edge-on-Hudson development that is being built on the former site of a General Motors assembly plant. Developers Biddle Real Estate Ventures (BREV) and PCD Development plan to open a sales office at The Daymark in the first quarter of 2023.

The Edge-on-Hudson project as a whole is expected to include 1,177 residential units consisting of rental apartments, condos and townhouses. A 140-room boutique hotel is planned, along with 135,000 square feet of retail space and 35,000 square feet of office space, in addition to over 16 acres of new parkland. There will also be a 30,000 square foot DeCicco & Son supermarket with an adjoining 5,000 square foot pharmacy.

The Daymark’s financing now includes a $37.2 million mezzanine loan that was announced Sept. 7 by Lionheart Strategic Management LLC. The mezzanine loan follows a $105 million senior loan from Centennial Bank.

According to Lionheart, it invests subordinate capital in the form of mezzanine loans, B-notes, second mortgages and preferred stock for transitional commercial real estate backed by strong sponsors. Lionheart explains that Fisher Brothers, a leading commercial real estate developer and operator for more than 100 years, has entered into a services agreement with Lionheart to provide post-closing due diligence and monitoring.

Andy Klein, Managing Director of Lionheart, said, “This project will meet the continued and growing demand for new, quality residential products in Westchester County.

Peter Chavkin, Founder of BREV, said his company is “pleased to have the support of Lionheart Strategic Management and Centennial Bank behind us to bring this project to fruition, as well as the design expertise of COOKFOX Architects and the Hines’ experienced team as Director of Development.” Hines, based in Houston, currently has nearly 200 developments underway worldwide.

Amenities at The Daymark include swimming pool, fitness center, resident lounge, yoga studio, children’s playroom, pet studio, two landscaped courtyard terraces with river views Hudson and a roof terrace.