JLL Arranges $88M for Long Island Properties
- Jul 10, 2017
JLL’s Capital Markets experts have secured $88 million in refinancing for a pair of Long Island gated apartment communities. The company represented owner Heatherwood Luxury Rentals in arranging the refinancing for Pine Hills South and Medford Pond.
The JLL team was led by managing directors Aaron Appel and Jonathan Schwartz.
For Pine Hills South, JLL originated a 10-year, $57 million loan. For Medford Pond, the firm originated a 10-year, $31 million loan. Financing was provided by Freddie Mac through JLL’s Multifamily Conventional Seller/Servicer Approval.
Near full occupancy
Located in Moriches, N.Y., Pine Hills South is a 700-unit gated community providing easy access to the Hamptons and Long Island attractions by means of Sunrise Highway and the Long Island Expressway. Both upstairs and downstairs units are offered, each with its own patio or terrace. Amenities include an on-site fitness center, multiple pools, a playground, pond and tennis court.
Pine Hills South is 98 percent occupied.
Built in 2007 and located in Medford, N.Y., just a mile north of the Long Island Expressway, Medford Pond features 200 units, ranging from one-bedroom to two-bed, two-bath apartment homes, many including an attached garage. Among the amenities are on-site community center featuring game and social areas, a billiard table, card tables and full kitchen. Medford Pond is also 98 percent occupied.
“The sponsors are exceptionally experienced, with more than five decades in the business. Their track record with Freddie Mac, along with our relationship with the agency, made this a smooth process,” Appel said.
Added Schwartz, “Our relationship with Freddie Mac is essential as owners of well-maintained, vintage multifamily stock seek to either sell or refinance their assets.
This product type is becoming more coveted as the cycle progresses, and we anticipate seeing more agency activity.”
With a global team of more than 2,000 specialists, New York City-based JLL Capital Markets is a full-service capital solutions provider serving real estate investors and occupiers.