JLL arranges $154.25 million refinancing for Greybarn Amityville on Long Island
JLL Capital Markets arranged the financing for Greybarn Amityville, a mixed-use residential property owned by Rechler Equity Partners. The 335-apartment property received the funds through PCCP, LLC.
JLL Capital Markets arranged a $154.25 million refinancing for Greybarn Amityville, a mixed-use residential property in Amityville, New York, owned by Rechler Equity Partners, according to Connect CRE. Senior managing directors Peter Rotchford and Andrew Scandalios and director Clayton Ross arranged the financing through PCCP, LLC, a real estate finance firm.
Developed by Rechler in three phases between 2016 and 2020, Greybarn is located at 805 Broadway in Amityville on Long Island’s South Shore. The property features 335 apartments and 37,737 square feet of ground-floor retail space, operating as a fully stabilized property in a market with limited new construction.
Lenders are looking closely at how a multifamily property performs today and at the owner’s ability to keep it competitive over time, according to Rotchford. Greybarn brought together established residential demand, a strong amenity offering and an owner that developed and continues to manage the property, all factors that helped secure substantial financing in a market where lenders remain selective.
Check your current financing terms if you hold commercial real estate debt as lenders tighten requirements. Commercial real estate loans require careful attention to property performance metrics.
