M&T Provides $57 Million Construction Loan for Long Island Multifamily Project
By Cathy Cunningham January 29, 2019 12:58 pm
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The Engel Burman Group has scored a $57 million construction loan from M&T Bank to complete Mount Sinai Resident Club, a 225-unit, multifamily housing complex in Long Island, N.Y., Commercial Observer can first report.
The property—which is age-restricted for residents 55 years or older—is located in Mount Sinai hamlet in Suffolk County and will feature 196 villas and 29 duet units, a 9,750-square-foot clubhouse and an outdoor pool. The rental community will also include 414 parking spaces.
Construction is expected to wrap mid-2020.
“Apartments continue to be in high demand throughout Long Island and we believe these high quality units will be quickly absorbed,” M&T Bank Long Island Market President Jason Lipiec said in prepared remarks. “Engel Burman has a long track record of successful projects throughout Long Island and we look forward to further opportunities to help them bring new real estate developments to our communities.”
It’s not the first time that the lender and sponsor have transacted; M&T recently provided $47.5 million in financing for the Wellbridge Addiction Research and Treatment facility in Calverton, N.Y.—a joint venture between Engel Burman and Northwell Health.
“It’s a testament to the strength of our relationship with M&T Bank that they are providing the financing necessary to complete this important multifamily project,” Steven Krieger, a partner at Engel Burman, said of the Sutton Landing development.
An active lender in the Long Island area, M&T recently provided $53.9 million in construction financing for RXR Realty’s Village Square mixed-use project in downtown Glen Cove. A little closer to home, the lender provided a $360 million mortgage to The Durst Organization to finance the construction of its Queens Plaza Park project in Long Island City, Queens in December 2018.
