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510 Horseblock Road
FINANCED

JLL Facilitates $146.9M Capitalization For Multifamily Development In Farmingville, NY

510 Horseblock Road

MultiFamily
494,160 SF
clock iconFinanced 1 year ago
Nicco Lupo
Geoff Goldstein
Jeffrey (Jeff) Julien
+ 2
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Summary

Loan
NEW YORK
MultiFamily
494,160 sqft

The Arboretum project, located at 510 Horseblock Road in Farmingville, New York, recently closed in a joint venture equity and construction loan deal. The project consists of a low-density wood frame development with a total of 292 units. All units are 2+ bedrooms, and there are also 51 single-family rentals and 30 units of workforce/AMI restricted housing. This multifamily property spans a total square footage of 494,160.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $146,900,000
  • Units: 292

The lenders involved in this deal were Santander Bank and Citi National Bank. The landlord of the Arboretum project is BRP Companies, represented by Meredith Marshall, Geoff Flournoy, and Steve Smith. The brokers who facilitated this transaction were Rob Hinckley, Jeff Julien, Geoff Goldstein, and Nicco Lupo from JLL.

It is worth noting that the JLL team was previously involved in the closing of the land in April 2020. They are proud to have been a part of the vertical closing for this project, which included securing third party debt, mezzanine financing, and joint venture equity. The Arboretum project's location, just a few minutes off I-495, offers convenient access for residents.

For any further inquiries or opportunities related to the Arboretum project, interested parties can reach out to the JLL team.

Players

  • All

    7

  • Agents

    4

  • Agencies

    1

  • Lenders

    2

Nicco Lupo's profile picture
Nicco Lupo
JLL-image
Director
$32M Sold
Rob Hinckley's profile picture

Details

Deal Summary
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FINANCED
IMAGE: Rob Hinckley, Jeff Julien, Geoff Goldstein & Nicco Lupo DATE: 02/18/2022 ADDRESS: 510 Horseblock Road MARKET: Suffolk, Long Island ASSET TYPE: Multifamily ~ SF: 494,160 ~ UNITS: 292 LENDER: Santander Bank & Citi National Bank LANDLORD: BRP Companies - Meredith Marshall, Geoff Flournoy & Steve Smith BROKERS: Rob Hinckley, Jeff Julien, Geoff Goldstein & Nicco Lupo - JLL TOTAL CAPITALIZATION: $146,900,000 TYPE: Joint Venture Equity and Construction Loan NOTE FROM BROKERS: Having originally advised on the closing of the land in April 2020, the JLL team is proud to be involved with the vertical closing for the Arboretum project that included the raise securing third party of debt, mezzanine & joint venture equity. This 292 unit development site is a low density wood frame project a few minutes off of the I-495 in Farmingville, New York. The project, aimed to have very large units, of which all are 2+ bedrooms, also includes 51 single family rentals & 30 units of workforce/AMI restricted housing.  Reach out to the team with any questions or opportunities.

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Address510 Horseblock Road

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