HFF arranges financing and joint venture equity for New Village on Long Island
HFF has arranged financing and joint venture equity for the development of New Village, a mixed-use, transit-oriented development in downtown Patchogue on New York’s Long Island.
HFF worked on behalf of the owner, TRITEC Real Estate Company, to secure the debt and joint venture equity financing with an account advised by UBS Global Asset Management.
Upon completion, New Village will have 291 multi-housing rental units, 36,149 square feet of ground level retail space and 511 parking spaces. The property is situated on a 4.87-acre site at “the Four Corners” of downtown Patchogue close to the Patchogue LIRR train station providing access to Manhattan, and it is within walking distance to the Fire Island and Watch Hill ferry stations.
The HFF team representing TRITEC Real Estate Company was led by senior managing directors Andrew Scandalios (pictured) and Jose Cruz, and managing directors Jeffrey Julien and Kevin O’Hearn.
“The development of New Village will be an integral piece of the revitalisation of downtown Patchogue, which has witnessed five new restaurant openings as well as the renovation and reopening of The Theatre for the Performing Arts,” says Scandalios.
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