July 6, 2017
Heatherwood Luxury Rentals received $88 million to refinance Pine Hills South and Medford Pond, a pair of gated apartment communities in Long Island, NY.
“The sponsors are exceptionally experienced, with more than five decades in the business,” said Aaron Appel, managing director with JLL Capital Markets, which represented the borrower in the transactions. “Their track record with Freddie Mac, along with our relationship with the agency, made this a smooth process.”
Pine Hills South, a 700-unit gated community in Moriches, NY, received a $57 million, 10-year, Freddie Mac loan. Medford Pond, a 2000-unit community built in 2007, received a $31 million, 10-year, Freddie Mac loan. Both communities are 98% occupied.
“This product type is becoming more coveted as the cycle progresses, and we anticipate seeing more agency activity,” said Jonathan Schwartz, managing director with JLL.
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