MONTEBELLO, N.Y. — Owner/developer FilBen Group, equity partner RSF Partners, general contractor McAlpine Contracting and designer H2M Architects + Engineers have completed the structural system and building enclosure, or “envelope,” for Braemar at Montebello.
Upon completion in 2024, the property will be a four-level, 133,675-square foot luxury assisted living residence on 6.2 acres in the Lower Hudson Valley village of Montebello.
The parcel is adjacent to a larger site that includes the Montebello Commercial Center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services. The property also neighbors the Good Samaritan Hospital – Suffern.
The total development cost of the project is $54 million, including $36 million in construction cost. The owner/developer is a partnership between FilBen Group and RSF Partners, a private equity firm based in Dallas. M&T Bank provided a $34.8 million construction loan. The development will receive sales tax exemption of up to $2 million for state and local sales taxes as well as a mortgage recording exemption in the amount of $360,055.
Additional team members include site engineer Booker Engineering, landscape designer Robert G. Torgersen, LA; mechanical/electrical/plumbing (MEP) engineer Fellenzer Engineering LLP; and structural engineer Mulhern+Kulp Residential Structural Engineering.
The building will feature shared public spaces on the main, second, and third levels. A total of 133 residential units — 66 private, one-person studio units of approximately 400-square feet each, 14 one-bedroom units with open concept living room and 53 two-bedroom semi-private “friendship” units both approximately 600-square feet each —will be located throughout the community’s four levels.