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

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.