BRP Cos. Begins Construction of 292-Unit Multifamily Project in Farmingville, New York

FARMINGVILLE, N.Y. — BRP Cos. has begun construction of The Arboretum at Farmingville, a 292-unit multifamily project that will be located on Long Island. The development, which will span 62 acres and is set to be complete in spring 2025, will offer apartments, lofts, townhouses and single-family homes. Lastly, the property will include 7,500 square feet of space for amenities such as a pool, clubhouse, fitness center, yoga rooms, walking trails and picnic areas. BRP Cos. is developing the project in partnership with funds managed by BlackRock Alternative Investors. Rob Hinckley, Geoff Goldstein, Jeffrey Julien and Nicco Lupo of JLL arranged $91 million in floating-rate construction financing through Santander Bank for the project and advised on the equity portion of the capital stack.