$104.93 million funded for Long Island multi-unit community

JLL has closed $104.93 million in financing for The Wel, a newly built 260-unit mid-rise multi-unit community in Lindenhurst, New York

JLL Capital Markets announced the closing of $104.93 million in financing for The Wel, a newly constructed 260-unit mid-rise multi-unit community located in Lindenhurst, New York, along the south shore of Long Island.

JLL represented the borrower, Fairfield Properties, in securing the 15.5 year fixed rate loan through Freddie Mac Multifamily. The loan will be managed by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.

Built in 2021, The Wel features studio, one-, two-, and three-bedroom units with wood cabinetry, stone countertops, spacious closets, designer bathrooms, vinyl floors, countertops, open floors, built-in washers and dryers, stainless steel appliances, tiled showers and an average unit of 916 square feet. Community amenities include pool and deck, state-of-the-art fitness center, pool table, game room, open kitchen, rooftop deck, fire pits, BBQ stations, car wash for dogs, a bicycle room, a landscaped courtyard, an open air and garage, parking and co-working space.

Residents benefit from the property’s proximity to iconic coastal sites, such as Jones Beach, Fire Island, the Hamptons, and walking distance to the recently revitalized downtown with restaurants, shops and breweries along the waterfront. main thoroughfare of Welwood Avenue Lindenhurst. The Wel is conveniently located at Lindenhurst Station on the Long Island Railroad, providing convenient access to New York City and is strategically located near I-495, 27-A and the Southern State Parkway, providing connectivity to all Long Island’s major highways and the greater tri-state area.

The JLL Capital Markets Debt Advisory team representing the buyer was led by Principal Thomas E. Didio, Jr., Partner Gerard Quinn and Analyst Salvatore Buzzerio.

“JLL is thrilled to work alongside Fairfield Properties to secure permanent, pre-stabilized financing to acquire this beautifully designed, transit-focused community,” said Didio, Jr.. “Freddie Mac recognized the quality ownership and the strength of the borrower’s management capabilities to provide accretive acquisition financing.”

JLL offers multi-housing investors a full range of solutions through a diversified and integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest lenders of affordable and conventional multi-unit housing and senior housing, with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE loans and loan servicing are provided by JLL Real Estate Capital, LLC, an indirect wholly-owned subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are governed by a California Finance Act license.

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

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