Two Long Island Multifamily Properties Refinanced With $88M Via Freddie Mac
JLL arranged a total of $88 million in refinancing for two gated communities on Long Island, Commercial Observer can first report.
The 10-year, $57 million loan for Pine Hills South in Moriches, N.Y., and the 10-year, $31 million loan for Medford Pond in Medford, N.Y., were provided via Freddie Mac. Both assets are owned by Commack, N.Y.-based Heatherwood Luxury Rentals.
Managing Directors Aaron Appel and Jonathan Schwartz led the efforts for JLL, according to a representative for the firm.
“The sponsors are exceptionally experienced, with more than five decades in the business,” Appel said in prepared remarks. “Their track record with Freddie Mac along with our relationship with the agency made this a smooth process.”
While the JLL duo is known for large loans, particularly for ground-up construction in Manhattan and Brooklyn, the team also handles agency loans around the country. The Long Island deals were executed through the Freddie Mac Program Plus platform, offered by JLL.
“Our relationship with Freddie Mac is essential as owners of well-maintained, vintage multifamily stock seek to either sell or refinance their assets,” Appel said. “This product type is becoming more coveted as the cycle progresses, and we anticipate seeing more agency activity.”
Both luxury multifamily properties are 98 percent occupied, according to JLL.