The long-awaited development of a luxury townhome community for the over 55s in tony Woodbury is set to move forward.
New York-based Triangle Equities announced is has closed on an $80 million joint venture with GTIS Partners to develop Kensington Estates, an exclusive 80-unit, 55-and-over, luxury community on the North Shore of Long Island.
“We are excited to move forward in bringing this premier property to the North Shore of Long Island,” said Lester Petracca, president of Triangle Equities. “This joint venture with GTIS will allow us to deliver high-quality, active-adult housing rarely seen before in the area.”
Kensington Estates will feature a luxury clubhouse, fireplace lounge, an outdoor pool and veranda, a tennis court, an indoor fitness center, billiard room and event space. Additionally, it sits on over 18 acres of beautifully landscaped grounds and lake area. The fully entitled project will consist of 80 townhomes with best-in-class finishes totaling nearly 170,000 square feet.
Rob Vahradian, Senior Managing Director at GTIS, noted: “The 55-and-over housing market has been one of the country’s fastest growing housing sectors, fueled by significant demographic tailwinds, and Kensington Estates continues our focus on investing in quality housing with strong long-term growth drivers.”
Amit Rind, Director at GTIS, added: “Long Island is a market with very high barriers to entry, and given the lack of new, age-restricted housing, coupled with the desirability of the Woodbury location, we’re excited to launch the project with Triangle Equities.”
Located at the intersection of Jericho Turnpike and Plainview Road, the community will provide connectivity to Manhattan in under an hour by either car or train, which is accessible from the Cold Spring Harbor LIRR station, located approximately one mile from the site.
The financing was brokered by HFF, which arranged $30 million in joint venture equity between Triangle Equities and GTIS Partners, as well as $50 million in construction financing from Bank OZK. The HFF debt and equity placement team included senior managing director Andrew Scandalios, managing director Rob Hinckley and senior director Geoff Goldstein.