Besen announced that its capital markets group has arranged both the equity and debt necessary for the acquisition and development of a 130-acre land parcel specially zoned and with concept plan approval to develop a mixed-use, transit-oriented development (TOD), located just one mile south of the world renowned Woodbury Commons, N.Y.
The half billion–dollar, mixed-use project will create a scalable, walkable community with modern apartment living and destination retail surrounding the train station core. Townhouses and other “for sale” asset types will also be available immediately outside the Harriman transit hub (Metro North).
Besen arranged both the loan, with Gamma Real Estate, and the equity, from Targeted Capital Solutions.
The project site spans 1.1 miles north to south, is located at a Metro North train station (Woodbury) and is at the crossroads of I-87 and several other key highways.
Jonathan Kalikow, president of Gamma Real Estate said, “We were a logical lender for this exciting TOD project, as it leveraged Gamma’s deep development knowledge and was located in our own backyard. There is a lot of exciting Hudson Valley projects in progress, including a Legoland theme park and the further expansion of Woodbury Commons.”
Gamma Real Estate is a boutique commercial real estate firm based in New York City. Owned and operated by the Kalikow family, the firm boasts a 45-year history of success as both lenders and owners of commercial real estate.
