BMO Lends $57M on Conversion of Woodbury Country Club
BMO Harris Bank has provided $57 million in acquisition and construction financing to Domus Group for the Sagamore at Mills Pond, a condominium townhome property in Woodbury, N.Y, Commercial Observer has learned.
Meridian Capital Group’s Seth Grossman and Sarah Kuebler—based in the brokerage’s Southern California offices—negotiated the debt. Officials at Meridian declined to comment on the identity of the lender or borrower.
BMO’s 36-month loan features full-term, interest-only payments.
The 16.8-acre property was formerly the Woodbury Country Club. The club served the Long Island community for 45 years, and was owned and operated by the Passavia family, according to Long Island Business News.
When the conversion is completed, the Sagamore at Mills Pond, at 884 Jericho Turnpike, will be a luxury condominium property comprising 76 two-story garden-style townhomes and a 4,700 square foot clubhouse. Property Amenities are set to include a resort-style swimming pool, a state-of-the-art fitness center, a golf simulator, lighted tennis court and various ponds and fountains spread across 17 acres.
“This project is exciting to be a part of, as it will fill a critical void in the market. There is a lack of luxury townhomes available at a reasonable price point despite market demand,” Grossman said in prepared remarks. “Demonstrating this to lenders, coupled with the past successes of our client, generated significant financing interest that allowed us to customize the loan so that it was split into two phases that provide additional development flexibility and better economics for our client.
Officials at BMO did not immediately return a request for comment. Officials at Domus Group could not immediately be reached for comment.