PacWest, PCCP Lend $109M on Long Island Apartments
A joint venture between Breslin Realty Development and Fields Grade Development has secured a $109 million financing package to build a new transit-oriented multifamily development on Long Island, Commercial Observer has learned.
Pacific Western Bank (PacWest) and PCCP provided a construction loan and equity for the co-developers’ planned 201-unit apartment project in Lynbrook, N.Y. called The Langdon. BlueGate Partners arranged the transaction with a team led by Lee Spiegelman, Mark DeLillo, Marc Schulder and Felipe Marin.
“The development is really groundbreaking in that it’s one of the first Class A transit-oriented development buildings developed in southern Nassau County in years in a market that’s starving for quality multifamily housing,” Spiegelman said.
Located at 47 Broadway, The Langdon will consist of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments. The property, which is close to a Long Island Rail Road station that is a 35-minute ride to Manhattan, will also contain 2,000 square feet of ground-floor retail space and onsite parking for 205 vehicles.
Construction is expected to commence within 60 days and be complete in summer 2024.
Officials for PacWest, PCCP, Breslin and Fields Grade did not immediately return requests for comment.
Andrew Coen can be reached at email@example.com