The Town of Hempstead Industrial Development Agency has secured $25.5 million in financing for the project through an issue of long-term tax-exempt bonds and other real estate tax, mortgage tax and sales tax incentives. Peter Curry, a partner in the law firm of Farrell Fritz PC, represented the JV in the financing. Underwriters for the bonds are Paul Lamas and Jim Quinn of Roosevelt & Cross, Inc. of New York City.
"Engel Burman's commitment to the development of assisted living facilities on Long Island fulfills a growing demand by Long Island's elderly residents for quality alternatives when they need living assistance, and Kabro has shown itself to be a visionary in the re-use of an existing commercial site into a landmark for the Five Towns community," says Curry. "The Town of Hempstead Industrial Development Agency financing results in the project being economically feasible for both the community and the developer." To be located at 459-497 Hungry Harbor Rd., the facility is scheduled to open in mid-2003.
Engel Burman is headed by Sydney Engel, Jan Burman, Michael Weiss and Steven Krieger, and has developed assisted living facilities in East Meadow and Westbury. Neal Kaplan and Steven Kaplan are the principals of Kabro Senior Housing and Kabro Associates, which develops office, commercial and residential real estate projects.
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