JLL Arranges $114M Financing for Patchogue Multifamily Development
JLL Capital Markets arranged a $114.2-million construction loan for 214 West Main St., a planned multifamily development in Patchogue, NY. Senior managing directors Peter Rotchford and Jose Cruz, managing director Jesse Wright, and senior directors Nicco Lupo, Ryan Robertson and Clayton Ross represented the borrower, a joint venture between Nord Development Group and ACRE.
The JLL team arranged a $95-million senior secured construction loan with Bank OZK and a $19.2-million mezzanine loan with PGIM.
Located at the entrance of downtown Patchogue in Long Island’s Suffolk County, 214 West Main St. will be a 262-unit multifamily development. It will consist of 209 market-rate and 53 affordable units spread across two five-story buildings. The project will also convert a 6,970-square-foot parcel along the Patchogue River owned by the county into a public park, which will blend with private park space for residents.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout