A joint venture between BRP Companies and funds administered by BlackRock Alternative Investors has secured US$91 million in construction finance to create a new luxury multifamily complex on Long Island named Arboretum at Farmingville.
The floating-rate loan was provided by Santander Bank for the JV’s proposed 292-unit garden-style apartment project dubbed Arboretum at Farmingville in Farmingville, N.Y., in Suffolk County, which is considered one of the most supply-constrained rental markets in the New York City region.
The deal was organized by JLL Capital Markets, which was led by Rob Hinckley, Geoff Goldstein, Jeffrey Julien, and Nicco Lupo. When finished, the project will include 262 market-value apartments and 30 worker units.
An insight into the Arboretum at Farmingville
Arboretum at Farmingville will be built on a 62-acre former farm property at 510 Horseblock Road and will include both townhouses and single-family dwellings. Facilities at the development will include a pool, cabana area, fitness centre, yoga room, and fitness centre. A 7-acre park with walking paths and picnic spots will also be included.
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Suffolk County has a population of about 1.5 million people, most of whom live in single-family houses. According to JLL, the project will benefit from the area’s scarcity of Class A rental apartment alternatives, with just a 2.6 percent vacancy rate, as well as the property’s proximity to Stony Brook University and Stony Brook Hospital.
Remarks on the project
“We’re excited to be in the process of delivering the Arboretum at Farmingville, which will provide a mix of beautifully appointed two- and three-bedroom residences for households choosing to rent, as well as a park to the town of Brookhaven and surrounding communities,” said Steven Smith, partner at BRP Companies.
“Given Long Island’s background as a predominantly suburban neighborhood with few multi-housing apartment alternatives for residents, Arboretum at Farmingville will have strong appeal.” In a statement, Hinckley stated adding, “The property provides much-needed flats that will appeal to families and young professionals.”
I went to a meeting on the project as I live behind it. The single family homes would be on .5 acre lots & never mentioned as rentals. The lots look a lot smaller, do you know the size?