Nord Development Group And ACRE Secure $114.2 Million Loan For 262 Unit Multifamily Project

The asset involved in the transaction is a multifamily property located at 214 West Main Street in the Patchogue market, comprising a total of 262 units. The overall capitalization for debt and equity is reported to be $114,200,000, with the financing structure including a construction loan, mezzanine financing, and equity. The relevant lenders for this transaction include Bank OZK, PGIM, and Prudential Financial.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $114,200,000
• Address: 214 West Main Street
• Market: Patchogue
• Units: 262
• Lenders: Bank OZK, PGIM, Prudential Financial
• Landlord: Nord Development Group and ACRE
• Brokers: Peter Rotchford, Jose Cruz, Nicco Lupo, Jesse Wright, Ryan Robertson, Clayton Ross - JLL
• Loan Type: Construction loan, mezzanine financing, and equity

The transaction involves a collaboration between several key brokers from JLL, namely Peter Rotchford, Jose Cruz, Nicco Lupo, Jesse Wright, Ryan Robertson, and Clayton Ross, representing the respective parties in the deal. The involvement of Nord Development Group and ACRE as landlords adds another layer to the structure of this multifamily asset transaction.