MIDDLE ISLAND, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million construction loan for The Villas at Oak Run, a 74-unit multifamily project on Long Island. The 23.5-acre site is located at the northeast corner of Birchwood Park Drive and Middle Country Road in Middle Island, and the development carries a $35 million price tag. The project will consist of 37 duplex buildings with age-restricted, two-bedroom units. The property will include an affordable housing component and amenities such as an indoor fitness center, walking path and pickleball courts. Bryan Manz and Emil DePasquale of BBCP arranged the loan, which carried a two-year term and a 70 percent loan-to-value ratio, through Kearny Bank on behalf of the developer, The Crest Group.
Under Brookhaven’s PILOT program, The Villas at Oak Run, a new multifamily project in Middle Island, New York, will have 20 percent of its units designated as either town or county affordable/workforce at $2,280 per month and 80 percent of its units rented at market rates at $3,650 per month.
BBCP Arranges $24M Construction Loan for Long Island Multifamily Project
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