White Oak Lends $46M on Related Companies’ Hudson Valley Multifamily Project

Related Companies has sealed $46.2 million of construction financing to build a mixed-use multifamily and retail development in New York’s Hudson Valley, Commercial Observer has learned.

White Oak Real Estate Capital (WOREC) supplied the loan for the first phase of Related’s planned The Village at Tuxedo Reserve project in Tuxedo, N.Y. featuring 93 rental apartments and retail space. The overall Related development, which is part of a 1,200-acre master-planned residential community Lennar is developing featuring 1,300 single-family homes, is slated to include between 300 and 400 rental units and 43,000 square feet of commercial space.

Newmark arranged the transaction with a team led by Nick Scribani and Max Ralby.

Eric Tanjeloff, managing principal of WOREC, the lending affiliate of White Oak Global Advisors, said the project’s location only 45 miles north of Midtown Manhattan coupled with its affiliation with Related Companies and national homebuilder Lennar gave WOREC confidence to lend on the development. He said the area around Tuxedo in Orange County has a strong need for multifamily in an area area dominated by single-family housing 

“The piece that we are financing we think is the most interesting because what Related is doing is effectively building a town center that will be the heartbeat of this community that’s going to have the only rental product in the community,” Tanjeloff told CO. “The rental demand in this area is quite large, and there’s really nothing quite like this product that’s being delivered at this price point.” 

Tanjeloff said the retail portion of the project would include a “high-end” supermarket, a spa, a fitness gym and restaurants. He noted that the retail will cater to those in the community while also serving as an attraction to those who visit various attractions in the area like Sterling Forest State Park and the annual New York Renaissance Faire. 

The first phase of The Village at Tuxedo Reserve is scheduled to be completed in fall 2026. 

Officials at Related did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com