July 23, 2015
BlueGate Partners Raises $60 Million of JV Equity for Urban-Infill Transit-Oriented Multifamily Development Site in White Plains
BlueGate Partners, LLC has raised over $60 million of joint-venture equity for the development of 55 Bank Street (the “Development” or “Project”), a two-phased luxury rental apartment Project located in downtown White Plains, New York. The Project’s sponsor is LCOR, a fully integrated investment, management and development company with a 30+ year track-record of building commercial and large-scale residential properties.
55 Bank Street is a transit-oriented, urban-infill development site located one block south of 15 Bank Street, which LCOR developed in 2004, and is also one block south of the Metro-North White Plains train station which offers express train service to midtown Manhattan in just 35 minutes. The Development’s first phase will include the construction of the podium for the both phases as well as the construction of the North Tower, which will contain approximately 288 luxury apartment units, along with retail space and a parking garage.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.