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Debt & Equity

LI senior development sees $18M investment

JLL Capital Markets has secured $18 million in joint venture equity for Ornstein Leyton Company for the development of The Vineyards at Mount Sinai. The for-sale, age-restricted town home community will feature 91 homes in Mount Sinai, Long Island. Sculptor Capital Management Inc., formerly known as Och-Ziff Capital Management Group, provided the equity investment.

The development will be located at Plymouth Avenue and Canal Road in the hamlet of Mount Sinai, within the Town of Brookhaven in Suffolk County on Long Island. It will comprise 91 town homes, including 77 market-rate homes and 14 moderate-income homes. The project will feature a state-of-the-art, two-story clubhouse with a pool and a host of community activities, along with outdoor recreational facilities geared towards an active adult lifestyle.

The Vineyards at Mt. Sinai will encompass 91 town homes averaging around 2,000 s/f, and all homes will be sold in one phase. The market-rate town homes will have two bedrooms, two and one-half baths, nine-foot ceilings on the first floor, and oversized master baths. The architectural designs of the project maximize light and air by including high ceilings, oversized windows, and volumizing space. All homes will have basements, and, many will have either a one or two car attached garage.

The JLL team handling the assignment included Evan Pariser, Senior Managing director; Rob Hinckley, Managing Director; Nicco Lupo, Associate; and Sophie Cohen, Analyst.

Pariser and Hinckley were part of the same team from HFF, prior to its acquisition by JLL, that worked with OLC in 2018 to raise equity for OLC’s development of The Vineyards of Brookfield, located in Center Moriches, also on Long Island. The firm secured an investment from a separate New York City-based investment manager, to develop that property.

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