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LI Seniors Complex Garners $52M Construction Debt
ABS Altman Warwick, the capital markets division of ABS Partners Real Estate, has secured a $52.5-million construction loan on behalf of The Benjamin Companies for the development of The Vistas of Port Jefferson, a senior housing complex in the Long Island community of Port Jefferson, NY.
Brian Warwick and Burt Miller of ABS Altman Warwick originated and secured the loan on behalf of the developer. Santander Bank provided the three-year construction loan.
“It was a pleasure to represent The Benjamin Companies and establish this new lender relationship,” said Warwick. “Benjamin is a first-class development company with high caliber real estate professionals capable of executing the project’s business plan.”
Construction began last May and leasing is expected to commence in the fall of 2019. Plans include 244 high-end rental residences for adults aged 55 and over, with 15% of the units reserved for affordable housing.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
