Bank OZK, PGIM Lend $114M for Long Island Apartment Project

A joint venture between Nord Development Group and Atlanta-based Acre has sealed $114.2 million of construction financing to build a multifamily project on Long Island, Commercial Observer has learned.

Bank OZK supplied a $95 million construction loan and also provided $19.2 million of mezzanine debt  for the sponsorship’s planned 262-unit Patchogue on Long Island project in Patchogue, N.Y. 

James Whelan, managing director of originations at Bank OZK, said in a statement that the project “is primed to deliver quality housing, superior amenities and transit connectivity in a highly desirable market.” 

JLL arranged the transaction with a team consisting of Peter Rotchford, Jose Cruz, Jesse Wright, Nicco Lupo, Ryan Robertson and Clayton Ross. 

Located at 214 West Main Street 60 miles east of Midtown Manhattan, the Patchogue on Long Island development will feature 209 market-rate apartments and 53 units designated as affordable. Community amenities will include coworking space, a library, a pool and a spa.

Shaunak Tanna, executive director for PGIM’s real estate business, said in a statement the project “benefits from a vibrant downtown, strong transit connectivity to New York City, and a growing base of residents attracted to its walkability and waterfront access.”

Nord Development Group and Acre did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.