JLL’s Capital Markets experts announced the company secured a total of $88 million for the refinancing of Pine Hills South and Medford Pond, a pair of gated apartment communities in Long Island.
JLL represented the owner, Heatherwood Luxury Rentals. Managing Directors Aaron Appel and Jonathan Schwartz led the JLL team on the financing.
JLL originated a 10-year, $57 million loan for Pine Hills South and a 10-year, $31 million loan for Medford Pond with financing provided by Freddie Mac through JLL’s Multifamily Conventional Seller/Servicer Approval.
“The sponsors are exceptionally experienced, with more than five decades in the business,” said Appel. “Their track record with Freddie Mac along with our relationship with the agency made this a smooth process.”
Pine Hills South is a 700-unit gated community in Moriches, New York. It offers access to the Hamptons and various Long Island attractions via Sunrise Highway and the Long Island Expressway.
The community is 98 percent occupied and includes both upstairs and downstairs units, each with its own patio or terrace. On-site amenities include a fitness center, multiple pools, playground, pond and tennis court.
The 200 units in Medford Pond were built in 2007. They range from one-bedroom units to two bed, two-bath units, many of which include an attached garage.
The community is also 98 percent occupied and sits a mile north of the Long Island Expressway. It includes an on-site community center that features game and social areas, a billiard table, card tables and full kitchen.
Added Schwartz, “Our relationship with Freddie Mac is essential as owners of well-maintained, vintage multifamily stock seek to either sell or refinance their assets. This product type is becoming more coveted as the cycle progresses, and we anticipate seeing more agency activity.”