A partnership between multifamily owner Bainbridge Companies and China Orient Asset Management received a $128 million mortgage from New York Community Bank for the purchase of a 656-unit apartment complex in Long Island, sources have informed Commercial Observer.
The five-year loan carries a fixed-rate of 3.125 percent and has two years of interest-only payment. The financing carries a 75 percent loan-to-cost ratio, making the acquisition cost of the property roughly $170.7 million.
The multifamily property, Devonshire Hills, is located at 1710 Devonshire Road in the Hauppauge area of Suffolk County. It is comprised of 43, two-story buildings and has a swimming pool, tennis court, fitness center and communal outdoor space for tenants.
Meridian Capital Group’s Abe Hirsch and Zev Karpel of the company’s New York City office, and Jacob Katz of the Baltimore office brokered the deal.
A spokesman for Bainbridge did not respond to a request for comment. A representative for China Orient Asset Management could not be reached.