The Real Deal New York

Hamptons builder Joe Farrell lands $65M to finance a Long Island rental project

The loan was provided by Webster Bank and RXR Realty
February 13, 2019 05:40PM

300 Carleton Avenue in Central Islip and Joe Farrell (Credit: Getty Images)

Prolific Hamptons builder Joe Farrell has snagged financing for a luxury rental project on Long Island, and a prominent Manhattan developer was one of the lenders.

Farrell Communities, part of the Farrell Organization, closed on a $65 million loan for a project at 300 Carleton Avenue in Central Islip. The financing was provided by Webster Bank and developer RXR Realty, the company said.

Farrell is planning a 268-unit rental building on a 30-acre site. If all goes well, it will open for renters in 2021. Amenities at the project will include a fitness center, co-working space, outdoor area and children’s playground.

“We and our partners recognize the need for new and high quality multifamily housing on Long Island and look forward to delivering a first class community to this underserved location,” Paul White, a principal at the firm, said in a statement.

RXR and Webster Bank didn’t immediately respond to requests for comment.

The Central Islip project marks the fifth building Farrell’s rental arm has broken ground on since 2016. After starting in the Hamptons, the developer has been looking beyond Hamptons spec mansions to multifamily projects in Long Island and upstate New York, including a luxury apartment development in Newburgh that will begin leasing in spring 2019. It also has rental projects in Fishkill and Smithtown, New York. The company claims to have built 400 projects over 20 years.

Last year, Farrell listed his own Hamptons mansion for $49.95 million. It hit the market again after being listed for $59.9 million in May 2009. Farrell has previously said he’s rejected offers for the building.