Two titans of real estate finance joined forces to lend to a multifamily project on Long Island.
Bank OZK and PGIM Real Estate are financing the 262-unit “Patchogue on Long Island” project in the titular town, the Commercial Observer reported. Atlanta-based Acre and Farmingdale-based Nord Development Group are the partners behind the project at 214 West Main Street.
Bank OZK led the way with a $95 million construction loan, while PGIM picked up the slack with $19.2 million in mezzanine debt. The total package adds up to $114.2 million in financing.
A JLL team including Peter Rotchford, Jose Cruz and Jesse Wright arranged the financing. Nord and Acre did not immediately comment on the transaction to the Observer.
The development will deliver 209 market-rate apartments and 53 affordable units. Amenities are expected to include a coworking space, a library, a pool and a spa.
A Bank OZK official touted in a statement to the outlet that the project would deliver “quality housing, superior amenities and transit connectivity in a highly desirable market.” A PGIM official similarly emphasized the site’s “strong transit connectivity to New York City and a growing base of residents attracted to its walkability and waterfront access.”
Elsewhere on the multifamily front, Acre last month landed a $72 million refinancing for a 236-unit project on Miami’s waterfront. Nuveen provided the loan for Adela at MiMo Bay.
Early this year, Bank OZK issued a nine-figure loan to support a massive development outside downtown Tampa. The $182 million loan helps fund the next phase of Gasworx, a 50-acre mixed-use development in the Ybor City area.
PGIM and partner SL Green made headlines this week with the news they are nearing a deal to refinance a $1.4 billion mortgage backed by 11 Madison Avenue in Manhattan’s Midtown South neighborhood. The owners will need to put up a $52.5 million down payment to secure the loan.
— Holden Walter-Warner
Read more
Acre scores $72M refi for Miami waterfront multifamily project
Bank OZK loans Tampa’s biggest deal in years for Gasworx project
SL Green, PGIM near $1.4B refi for 11 Madison
