NEW ROCHELLE, N.Y. (June 4, 2026) — Commercial real estate firm Berkadia has secured a $126.407 million loan to refinance Two Clinton Park, a 28-story luxury apartment tower at 50 Clinton Place in downtown New Rochelle, the firm announced June 4.
The loan is a Fannie Mae Near Stabilization execution, a conventional eight-year fixed-rate instrument with full-term interest-only payments amortized over 35 years. The financing was arranged on behalf of sponsors RXR Realty and Bridge Investment Group.
Berkadia Managing Director Brad Williamson and Senior Managing Director Chris Ellis arranged the loan, along with Managing Director Paul Patafio of Hudson Realty Capital, with support from Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler, Matthew Robbins, Kevin Batt, Brian Huff and Matt Schildwachter.
Berkadia said the 390-unit building, completed in 2024, is now 93% occupied. The building includes 7,574 square feet of ground-floor retail space. Toast Coffee + Kitchen recently signed a lease for 5,000 square feet on the ground floor, according to the announcement.
“Two Clinton Park represents the next generation of transit-oriented luxury housing in the New York suburbs, combining institutional-quality design and amenities with immediate access to Manhattan,” Williamson said. “The strength of the sponsorship, combined with New Rochelle’s pro-development framework and continued population growth, made this an exceptionally compelling financing opportunity for the agency market.”
RXR is the master developer behind New Rochelle’s downtown redevelopment and has said it has invested more than $1 billion in the city. The firm also developed 360 Huguenot, a 28-story residential tower completed in 2019 in downtown New Rochelle. That building went into receivership in August 2024 after defaulting on a $105 million floating-rate loan and was sold by RXR on Jan. 27, 2025, for $122,025,000 — a 28.6% discount from its 2022 appraised value of $170.9 million, according to financial and real estate records. Two Clinton Park’s loan carries a fixed interest rate; 360 Huguenot’s floating-rate debt became increasingly burdensome as interest rates rose after 2022.
The building is situated two blocks from the New Rochelle Metro-North station, offering access to Grand Central Terminal in approximately 30 minutes by train.
This article was prepared with the assistance of AI tools under the direction and editing of Robert Cox.
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