BELLPORT, NY-Better known for acquiring older Manhattan office buildings, New York City-based Savanna is making a big play in the multifamily realm, partnering with Pantzer Properties on a recapitalization of the Atlantic Point apartment and townhome complex here. The $196-million transaction marks Savanna’s first acquisition on Long Island, says an industry source.

Savanna is taking a majority stake in the 795-unit complex, which will continue to be managed by Pantzer’s Panco Management affiliate. The two firms partnered the refinance the existing debt on the complex with a seven-year, $169.6-million Freddie Mac CME first mortgage from what is now known as Berkeley Point Capital and a $31-million mezzanine loan originated by Berkshire Property Advisors. As part of the recap, leverage was reduced by approximately $32 million, and Savanna and Pantzer each contributed significant new equity to the joint venture, according to a release.

“This is a premier class A apartment and townhome community that is well-located in central Long Island, with the immediate town of Brookhaven having a thriving and growing economy,” Savanna senior associate Andrew Fichte tells GlobeSt.com. “It took over 10 years for this property to be entitled, planned and built, so it is not an asset that can be easily replaced.”

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Pantzer acquired Atlantic Point in phases in 2003 and 2004 from a joint venture of Trammell Crow and JPMorgan Chase, which developed complex. According to Savanna’s website, the value-add strategy is to increase the property’s occupancy rate to market levels while enhancing operating efficiency through quality asset management.

The seaside Atlantic Point property, which was completed in ’04, is situated on 117 acres and consists of 134 two-story apartment buildings. Amenities include a 10,000-square-foot clubhouse, four swimming pools, three tennis courts, an exercise room, an indoor basketball court, a business center, a media room and 14 ponds.