FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53 two-bedroom units (semi-private “friendship” units each with approximately 600 square feet) across 133,675 total square feet. There will also be shared public spaces on the main, second and third levels.
The community is adjacent to the Montebello Commercial Center, which offers retail, entertainment, dining and medical services. Good Samaritan Hospital – Suffern is also a neighbor.
The total development cost of the project is $54 million, including $36 million for construction cost. Financing comes from M&T Bank, which provided a $34.8 million construction loan, and a sales tax exemption of up to $2 million for state and local sales taxes, in addition to a mortgage recording exemption in the amount of $360,055.
