Bainbridge Cos., China Orient Obtain $128M Loan for Long Island Multifamily Deal
The community consists of 43 two-story buildings totaling 656 units.
Hauppauge, N.Y.—Bainbridge Companies LLC and China Orient Asset Management, through its U.S. affiliated entity, have obtained $128 million in acquisition financing for a multifamily property transaction. The partners are buying Devonshire Hills, an apartment property located in Hauppauge, NY.
Devonshire Hills, located at 1710 Devonshire Road, consists of 43 two-story buildings totaling 656 units. The garden-style apartment property includes a swimming pool, tennis court, fitness center and shared outdoor space.
Hauppauge is a Census-designated area in the towns of Islip and Smithtown on Long Island. The place is known for the Hauppauge Industrial Park, is the largest on Long Island, which employs over 55,000 people.
The five-year loan, provided by regional balance sheet lender New York Community Bank, features a fixed-rate of 3.13 percent, two years of interest-only payments and a 75 percent loan-to-cost ratio. The transaction was originated by Meridian Capital Group managing director Jacob Katz, who is located in the company’s Baltimore office.
The deal was negotiated by senior managing director Abe Hirsch, and managing director Zev Karpel, who are both based in Meridian’s New York City headquarters. The company is a busy debt broker: in 2015, it closed more than 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders.
