Holliday Fenoglio Fowler announced that it has arranged $156 million in construction financing for Phase II of The Ritz-Carlton Residences, Long Island, North Hills, a 244-unit, ultra-luxury residential complex on Long Island’s North Shore.
Working on behalf of RXR Realty, HFF placed the construction loan with ACORE Capital.
HFF previously secured construction financing on the borrower’s behalf for the first phase of the project in 2013, which is now more than 90 percent sold.
The Ritz-Carlton Residences, Long Island, North Hills is an ultra-luxury property with two- and three-bedroom units.
The first 120-unit phase of the property was recently completed and includes a 25,000-square-foot clubhouse with an indoor swimming pool, fitness center, resident lounge, private reception rooms, board room, billiards room and movie theater.
Phase II is under construction and will consist of an additional 120 units totaling approximately 270,211 square feet. Each unit will also have a minimum of two indoor parking spaces available.
The property is managed by The Ritz-Carlton Hotel Company and offers the full array of Ritz-Carlton’s services, including concierge, doormen, porters, membership in The Ritz-Carlton’s worldwide reservations network and a number of a-la-carte services such as housekeeping, ticket reservations, valet parking, dog-walking services and more.
Situated on a 16-acre site, the property is 20 miles east of Midtown Manhattan in North Hills, which is one of the highest per capita income regions in the country.
HFF’s debt placement team was led by Mike Tepedino, Michael Gigliotti and Geoff Goldstein.