NEW YORK--(EON: Enhanced Online News)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $156 million in construction financing for Phase II of The Ritz-Carlton Residences, Long Island, North Hills, a 244-unit, ultra-luxury residential complex on Long Island’s North Shore.
Working on behalf of RXR Realty, HFF placed the construction loan with ACORE Capital. HFF previously secured construction financing on the borrower’s behalf for the first phase of the project in 2013, which is now more than 90 percent sold.
The Ritz-Carlton Residences, Long Island, North Hills is an ultra-luxury property with two- and three-bedroom units. The first 120-unit phase of the property was recently completed and includes a 25,000-square-foot clubhouse with an indoor swimming pool, fitness center, resident lounge, private reception rooms, board room, billiards room and movie theater. Phase II is under construction and will consist of an additional 120 units totaling approximately 270,211 square feet. Each unit will also have a minimum of two indoor parking spaces available.
The property is managed by The Ritz-Carlton Hotel Company and offers the full array of Ritz-Carlton’s legendary services, including concierge, doormen, porters, membership in The Ritz-Carlton’s worldwide reservations network and a number of a-la-carte services such as housekeeping, ticket reservations, valet parking, dog-walking services and more. Situated on a 16-acre site, the property is just 20 miles east of Midtown Manhattan in North Hills, which is one of the highest per capita income regions in the country.
HFF’s debt placement team was led by Mike Tepedino, Michael Gigliotti and Geoff Goldstein.
About RXR Realty LLC
RXR Realty LLC (“RXR”) is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tristate-area markets. The company is one of the largest owners, managers and developers in the New York Tri-State area. RXR’s operating platform manages 89 commercial real estate properties and investments comprising 25.2 million square feet, including 16 million square feet in NYC, with an aggregate gross asset value of $15 billion, as of June 30, 2016. In addition, RXR has a residential development pipeline of approximately 3,000 residential units in the New York metropolitan area.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.