M id A tlantic Real Estate Journal — Owners, Developers & Managers — December 2023 — 13A
www.marej.com
O wners , D evelopers & M anagers
M&T Bank provides $34.8 million construction loan for Braemar at Montebello FilBen Group, RSF Partners, McAlpine, and H2M finish structural work and building enclosure
M ONTEBELLO, NY — Owner/developer FilBen Group , eq- uity partner RSF Partners , general contractor McAlpine Contracting , and designer H2M Architects + Engineers reached a major milestone of completing the structural sys- tem and building enclosure, or “envelope,” for Braemar at Montebello. Upon completion in 2024, the Braemar property will be a 200-resident, four- level, 133,675 s/f, luxury as- sisted living residence located on 6.2 bucolic Lower Hudson Valley acres at 250 Lafayette Ave. in Montebello. “Today we celebrate an important construction mile- stone for the new Braemar Montebello community. We expect senior residents of Rockland County, the Lower Hudson Valley, as well as the greater New York area and northern New Jersey, to be attracted to the active lifestyle and luxurious amenities that this community will offer. The property will open to residents next year,” said Richard Filaski , managing director of FilBen Group. The property is close to Har- riman State Park in Rockland County and offers breathtaking views of adjacent woods, large private properties, meadows, and rolling hills. The parcel is adjacent to a larger site that includes the Montebello com- mercial center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services within close proximity of their home. The owner/developer is a partnership between FilBen Group and RSF Partners, a private equity firm based in Dallas, TX. M&T Bank pro- vided a $34.8 million construc- tion loan. The development will receive sales tax exemp- tion of up to $1,976,809 for state and local sales taxes as well as a mortgage recording exemption in the amount of $360,055.50. The development site is long, narrow, and sloped, which created design challenges as well. “The building footprint is elongated and fairly shallow to match the property configura - tion,” shared Mark McKee, AIA , H2M senior architect. “Large areas of glazing will draw natural light into all of the interiors and will offer grander views than those typi- cal available in other senior
include site engineer Booker Engineering, landscape de- signer Robert G. Torgersen, LA ; mechanical/electrical/ plumbing (MEP) engineer Fellenzer Engineering LLP ; and structural engineer Mulhern+Kulp Residential Structural Engineering . “This $54 million project will add a beautiful, high quality senior care resi- dence for the Montebello and Rockland County commu- nities,” said McAlpine VP John Nolan . "Because of the location of the building on a sloping site, which will
offer breathtaking views to the residents, the project presented several technical and logistical challenges to the construction and de- sign team. For example, construction of foundations and the structural system had to proceed in a phased, staggered manner to ac- celerate the schedule, while addressing access and site engineering complexities,” he added. The total development cost of the project is $54 million, including $36 million in con- struction cost. MAREJ
Braemar Montebello by McAlpine structure
residences.” H2M designed the Braemer Wallkill property and is currently working with
FilBen on the design of the Carmel development. Additional team members
YOUR LIABILITY INSURANCE UNQUESTIONABLY HAS A POLLUTION EXCLUSION That means no protection against direct and indirect liability losses, and property devaluation, caused by mold, bacteria, legionnaires disease, oil spillage, lead, and many more pollution-related claims. E. B. Cohen Insurance and Risk Management has solutions and coverages to fill this gap in your security.
GET A FREE RISK SURVEY AND NO OBLIGATION CONSULTATION TODAY
Made with FlippingBook Digital Publishing Software