ABS Altman Warwick secured a $52.5 million construction loan on behalf of The Benjamin Companies for the development of The Vistas of Port Jefferson.
Plans include 244 high-end rental residences for adults aged 55 and over, with 15 percent of the units reserved for affordable housing. Santander Bank provided the 3-year construction loan.
Brian Warwick and Burt Miller of ABS Altman Warwick originated and secured the loan on behalf of The
Benjamin Companies. Construction began in May 2018 and leasing is expected to commence in the fall of 2019. “It was a pleasure to represent The Benjamin Companies and establish this new lender relationship,” said Brian Warwick, co-managing partner of ABS-Altman Warwick. “Benjamin is a first-class development company with high caliber real estate professionals capable of executing the project’s business plan.”
“The Benjamin Companies are elated to continue to provide Long Island with high quality rental housing and active adult lifestyle communities,” said Deborah Benjamin, President of The Benjamin Companies. “ABS Altman Warwick provided superior guidance throughout the process and we are looking forward to a long-term relationship with Santander Bank.”
Located along Bicycle Path just south of the Port Plaza Shopping Center, the 27-acre site will be improved with 30 residential buildings which will include 64 two-bedroom townhomes with attached garages, 36 one-bedroom and 144 two-bedroom single level apartments, built as two-story garden apartment style buildings. The community will have a 7,000 s/f clubhouse with indoor and outdoor lounge areas, fitness center and an outdoor pool.