PLAINVIEW, NY-Locally based Eagle Rock Management has acquiredthe five-property, 1,666-unit Fairhaven Garden Apartments portfoliofor $229.7 million. It’s one of the biggest multifamily deals inLong Island history, and Select Investment Realty Advisors’ JohnThomas tells it provides evidence that investment saleson the island are picking up again.

“It’s not like three or four years ago, but it’s not like lastyear, either,” Thomas says of the current climate. “Even though thelending environment was pretty tight last year, we were still ableto get transactions completed, some with new financing and somewith existing financing and loan assumptions. This year, theenvironment is much better from the viewpoint of lending.”

As a result, Thomas, who arranged the off-market sale, EagleRock was able to obtain “pretty competitive rates and veryattractive financing” for the deal. He declines to identify thelender specifically, but says the transaction entailed “all-newfinancing through a New York-based bank.”

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.