The Real Deal New York

Port Jefferson senior living project scores a $52.5M construction loan

November 05, 2018 01:47PM

The Benjamin Companies got a $52.5 million loan to build a senior housing facility with 244 units. The loan from Santander Bank was secured by Brian Warwick and Burt Miller of ABS Altman Warwick, the capital markets division of ABS Partners Real Estate. Construction began in May and leasing should launch in fall 2019 with 15 percent of the units reserved for affordable housing. The 27-acre site will contain 30 residential buildings including 64 two-bedroom townhomes, 36 one-bedroom apartments with another 144 two-bedroom apartments. There will also be a 7,000-square-foot clubhouse, a fitness center and an outdoor pool complex. [LIBN]