Hines has closed on a construction loan from Santander Bank and started development of Northlight at Edge-on-Hudson, a 246-unit, Class A, luxury multifamily project located within a $1 billion mixed-use, transit-oriented community on the Hudson River in Sleepy Hollow, N.Y. Leasing is expected to begin in the first quarter of 2022 with delivery later that year in the third quarter.
The amount of the loan was not released but Hines said it is the third project Santander has helped them finance. One of those projects is The Hartley, a 323-unit luxury multifamily property anchored by a Whole Foods Market as part of The Parks at Walter Reed, a mixed-use redevelopment project in Washington, D.C. Hines is developing The Hartley in a joint venture with Urban Atlantic, Triden Development Group and Bridge Investment Group.
The development team of Edge-on-Hudson, a joint venture of SunCal and Diversified Realty Advisors, announced in October 2019 that Hines was the latest to become part of the plan to redevelop the former General Motors site 25 miles north of New York City. The Hines luxury multifamily project is part of phase two and will be located at the entrance to Edge-on-Hudson and a block from the river’s edge.
Phase One is already under construction and will feature The Brownstones collection of 72 townhomes being developed by Toll Brothers that have been on sale since last year. Toll Brothers is also constructing The Lofts collection with 46 condo apartments and last month announced it had received a $35.6 million construction loan from TD Bank to develop Emerson, a 188-unit multifamily rental property also at Edge-on-Hudson. Of those, 127 will be market-rate and 61 affordable units.
Once it is completed, the 70-acre Edge-on-Hudson development will comprise 1,177 units of housing; a 140-room boutique hotel; 135,000 square feet of retail space and 35,000 square feet of office space. In April, DeCicco & Sons, a regional supermarket chain, said it had signed a lease for a 30,000-square-foot food market with an adjacent 5,000-square-foot pharmacy. Expected to open in early 2022, it is the first retail space announced for the development. Edge-on-Hudson will also feature more than 16 acres of parkland and a promenade along the water that will link the existing Hudson River Walk to the south and Kingsland Point Park to the north and also provides access to Rockefeller State Park.
