NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $29.5 million in construction financing for Phase II of The Vineyards at Blue Point, an active adult condominium community (age 55+) in Blue Point (Long Island), New York.
Working exclusively on behalf of Ornstein Leyton Company (OLC) and Latus Partners, HFF arranged the construction loan with Bank of the Ozarks.
HFF has significant history with the project. The firm first assisted OLC in arranging the relationship with Latus Partners and securing initial land acquisition financing. HFF then aided the developers in securing construction financing for the development of Phase I of the community, which totals 74 units and includes the clubhouse, model units and the entry gatehouse. Phase II will comprise an additional 84 units.
The Vineyards at Blue Point is located on a 65-acre site on the south side of Sunrise Highway close to the south shore beaches of Long Island and Great South Bay in Blue Point. Upon completion, the 280-unit project will encompass 44 buildings with townhomes and single-level flats. The units will all be two-bedroom/two-bath with nine-foot ceilings, oversized master bathrooms, in-unit washer/dryers and attached garages. Community amenities include a heated outdoor swimming pool and bocce court along with the Vineyards Club, which houses a fitness center, numerous social rooms and lounge space.
The HFF team representing the developer was led by senior managing director Evan Pariser.
About Ornstein Leyton Company
Founded in 1991 by Alec Ornstein and Scott Leyton, Ornstein Leyton Company (OLC) is a regional real estate development company that focuses on building traditional residential communities and planned retirement communities throughout Long Island, Brooklyn, Westchester County, Dutchess County and Putnam County. OLC also invests in commercial properties in these same areas.
About Latus Partners
Latus Partners (Latus), founded by Bradley A. Settleman and Howard Glatzer, is a diversified real estate investment management firm, which invests in a variety of complex, opportunistic, distressed and/or transitional real estate transactions using debt, equity and hybrid structures. The managing principals of Latus have been directly involved in more than $7 billion of opportunistic real estate investments over the past 20+ years, building successful investment portfolios throughout all stages of the real estate cycle.
About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company, which had $12.28 billion in total assets as of June 30, 2016. Following two recently completed acquisitions, the company’s total assets have increased to approximately $18 billion. Its shares trade on the NASDAQ Global Select Market under the symbol “OZRK.” The company owns a state-chartered subsidiary bank that conducts banking operations through 256 offices in Arkansas, Georgia, Texas, North Carolina, Florida, Alabama, South Carolina, New York and California. For more information, visit www.bankozarks.com
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.