Financing Luxury Along the Saw Mill
After four years of navigating the review process of local towns and villages, Rivertowns Square, an ambitious mixed-used development project in Dobbs Ferry, is set to open in 2016. The $120 million project will be a 17-acre shopping center and apartment complex, complete with movie theater, hotel, restaurants and high-end stores. The shopping center is expected to supplement additional projects (including residential) that will comprise the entire development.
Cuddy & Feder’s Real Estate Transactional team assisted its long-time client, M&T Bank, in arranging $42.4 million in financing to developer Saber Dobbs Ferry LLC through various credit facilities: an acquisition loan, a construction loan and a project loan. Cuddy & Feder helped M&T Bank properly structure the complex loan transaction and work towards a closing so that the developer could obtain the financing to complete the Project. The Project was a complicated one with many moving parts: Industrial Development Agency benefits, land use and zoning issues, construction financing, condominium form of ownership and joint ventures, just to name a few.
M&T has been a long standing client of the firm, and the firm continues to represent them in many complex transactions. Likewise, Saber Dobbs Ferry has been a long-standing customer of M&T, having financed numerous projects for it in the past. After four years of legal hurdles, financial maneuvering and public scrutiny, Rivertowns Square is finally a reality.