NEW YORK CITY—The Benjamin Companies has taken out a $52.5 million construction loan to develop The Vistas of Port Jefferson, a 244-unit, upscale senior housing project. The rental residence will house adults 55 and over, with 15% reserved for affordable housing. Construction began in May and leasing is expected to begin in fall 2019.
Brian Warwick and Burt Miller of ABS Altman Warwick, the capital markets division of ABS Partners Real Estate, originated and secured the three-year loan from Santander Bank.
Deborah Benjamin, president of The Benjamin Companies, a Garden City, New York-headquartered real estate developer, builder, owner and manager, notes her company has local experience in providing rental housing with active adult lifestyle communities. “ABS Altman Warwick provided superior guidance throughout the process and we are looking forward to a long-term relationship with Santander Bank,” she adds.
Near the Port Plaza Shopping Center, the Port Jefferson Station development in Long Island will extend across 27-acres. It will consist of 30 residential buildings comprising 64 two-bedroom townhomes with attached garages, 36 one-bedroom and 144 two-bedroom single level apartments, built as two-story garden apartment style buildings. Amenities include a 7,000 square-foot clubhouse with indoor and outdoor lounges, a fitness center, an outdoor pool and walking paths.