Affinius Capital Refis Long Beach, NY Resi Tower With $150M Loan
By Andrew Coen June 17, 2024 6:51 pm
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A joint venture between B2K Development and Harrison Street has inked roughly $150 million of fresh financing to refinance a newly constructed multifamily tower that is part of a larger residential development in Long Beach, N.Y., Commercial Observer can first report.
Affinius Capital supplied the loan on the sponsorship’s 10-story The Breeze property along the Long Beach Boardwalk on Long Island, sources told CO. Loan proceeds will be used to retire around $125 million in previous construction debt on the beachfront property, return equity to the developers, and fund reserves and closing costs.
Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Ari Hirt, Michael Ianno and William Herring negotiated the deal, sources said.
The 238-unit building was completed in December 2023, part of a full-block development that when finished will feature 192 condos and 6,500 square feet of retail space.
The 6-acre property in southwest Nassau County about 30 miles from Manhattan, known as the Superblock property, sat vacant for nearly four decades while entangled in lawsuits. Ultimately, iStar Financial sold the land to B2K and Harrison Street in 2020 for $30.5 million.
The Long Beach City Council approved a $105 million settlement in August 2021 from a lawsuit brought by iStar after the Nassau County Industrial Development Agency denied its previous proposal for high-rise residential towers.
“The Breeze serves an undersupplied segment of Long Island providing residents with a diverse array of amenities in the sought after Long Beach market,” David Greenburg, managing director at Affinius Capital, said in a statement. “As a seasoned developer and operator, B2K brings extensive knowledge and experience in this market and product type, and we are looking forward to the success of this project.”
Officials at Affinius Capital, B2K Development and Harrison Street did not immediately return requests for comment. Walker & Dunlop declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
