New York Community Bank (NYCB) has provided a $128 million acquisition loan on the 656-unit Devonshire Hills multifamily property in Long Island, New York.
The regional balance sheet lender provided the five-year loan with a 3.13 percent fixed-rate, two years of interest-only payments and a 75 percent loan-to-cost ratio, according to a prepared statement from Meridian Capital Group, who arranged the financing.
The loan went to Bainbridge Companies and a US affiliate of China Orient Asset Management to purchase the garden-style apartment community, consisting of 43 two-story buildings, at 1710 Devonshire Road in the hamlet of Hauppauge, New York.
Last month, NYCB also provided a $105 million mortgage to Harbor Group International and partner York Equities for the purchase of a 38-building multifamily portfolio in the Bronx in New York City. NYCB provides multifamily loans in the New York City area with an emphasis on rent-regulated buildings that feature below-market rents. The bank’s loan portfolio totaled $26.4 billion at the end of March, according to its website.
Bainbridge is a fully-integrated group of real estate companies that has developed and/or repositioned about 35,000 multifamily units. The company is based in Wellington, Florida and was founded in 1993.
China Orient Asset Management is a state-owned non-banking financial institution.
NYCB declined to comment on the deal. Bainbridge and the broker did not respond to media requests, while a representative from China Orient Asset Management could not be reached.