FilBen Group Nears Completion of $54M Braemar at Montebello in New York

by Jeff Shaw

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. 

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