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New York & Tri-State  + Tri-State  + Senior Housing  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development