JLL Capital Markets Arranges $93M Refinancing For New Westchester Multi-Housing Property

JLL Capital Markets announced today that it has secured a $93 million loan to refinance 42 West Broad St., a 16-story, luxury, transit-oriented rental property in Mount Vernon, New York.

JLL represented the borrower, a joint venture between Alexander Development Group, The Bluestone Organization and institutional investors advised by JP Morgan Asset Management. The loan was secured from Canadian institutional lender Otera Capital.

“JLL has been a superb partner as we have navigated highly disruptive capital markets to bring this incredible development to fruition,” said Mark Alexander, Principal, Alexander Development. “42 West Broad St. brings a unique collection of homes to the Fleetwood community that sets it apart from other properties.”

Located in the picturesque Fleetwood submarket, 42 West Broad St. contains 249 units offering studios, one- two- and three-bedroom apartments. Some 20,000 square feet of amenities include a fitness center, heated pool with shaded pergolas and a 17th-floor roof deck with outdoor kitchens, dining area and a fireplace. There is also an upper-level lounge with billiards and an entertaining kitchen, co-working spaces, private conference rooms, a library, courtyard garden and community room.

42 West Broad St. offers residents convenient access to multiple transportation networks. It is a five-minute walk from the Fleetwood Metro North Railroad Station, a 30-minute commute to Manhattan’s Grand Central Terminal and across the street from the Cross County Parkway providing motorists with convenient access to the entire New York Metropolitan area.

Significantly, the property is the first Class-A apartment community in the U.S. to be designed to Passive House standards, making it one of the most energy efficient buildings in the country. 42 West Broad St. will meet National Green Building standards and receive Energy Star certification. The property utilizes insulated concrete exterior walls and glazed, energy-efficient windows that will result in significantly below market heating/cooling costs.

The JLL Debt Advisory team was led by Senior Managing Director Kellogg Gaines and Managing Director Geoff Goldstein.

“42 West Broad St. is a landmark addition to the Westchester multi-housing market developed by experienced institutional sponsors,” said Gaines. “Otéra was a terrific partner in negotiating favorable financing that positions all parties to prevail during unprecedented market conditions. We are thrilled to have completed another transaction that illustrates the liquidity available to best-in-class projects, such as 42 West Broad St.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About J.P. Morgan Asset Management 

J.P. Morgan Asset Management, with assets under management of USD 2.9 trillion (as of 30 September 2023), is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information: 

About Alexander Development Group

Our mission is to create vital communities by serving as an advisor to the multi-family housing industry.  In addition to market-rate multi-family housing, we specialize in the utilization of government tax benefit and subsidy programs.  We have a deep knowledge of New York residential development and property management, and we are committed to offering our clients an exceptional level of service and expertise in all that we do.

About the Bluestone Organization

The Bluestone Organization is a full service real estate development company with experience and expertise in site selection, planning, financing, construction, sale, marketing and management. Through their creative use of building systems and components, they have become an industry leader by creating record-breaking, low-energy consuming buildings at the same cost as others construct standard structures. The organization has financed, designed, built and managed buildings throughout the greater New York area including condominiums, coops, rental and mix-use buildings, as well as affordable one, two and three family homes. To date, The Bluestone Organization has built over 5,000 units of housing in addition to 50,000+ SF of retail space.

About Otera Capital

Otera Capital is an international institutional investor specializing in commercial real estate financing that cumulates over 50 years of experience in the industry. Otera leverages its expertise and vertically integrated teams to transform urban centres and create long-term value for its clients and partners. Headquartered in Montréal, with offices in Toronto and New York, Otera Capital manages a commercial loan portfolio of C$28.9 billion as at December 31, 2022. To learn more about Otera Capital, visit 

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit