The Wel at 75 East Hoffman Ave. in Lindenhurst — Courtesy: JLL
By Joshua Burd
An apartment owner has landed nearly $105 million in financing to acquire a new 260-unit property on Long Island, in a deal by JLL’s Morristown-based capital markets team.
Brokers with the firm represented the borrower, Fairfield Properties, to secure the 15.5-year, fixed-rate loan through Freddie Mac Multifamily. The debt will support its purchase of The Wel, which sits at 75 East Hoffman Ave. in Lindenhurst and adjacent to Long Island Railroad service.
JLL Senior Director Thomas E. Didio Jr., Associate Gerard Quinn and Analyst Salvatore Buzzerio led the debt advisory team on the assignment. JLL Real Estate Capital LLC, a Freddie Mac Optigo lender, will service the loan.
“JLL is pleased to work alongside Fairfield Properties in securing pre-stabilized permanent financing to acquire this beautifully designed, transit-oriented community,” Didio said. “Freddie Mac recognized the quality of the property and the strength of the borrower’s management capabilities to provide accretive acquisition financing.”
The $104.93 million deal follows Fairfield’s purchase earlier this month of The Wel, in a transaction also brokered by the Morristown-based JLL team. Sitting on Long Island’s South Shore, the property opened just last year with floorplans ranging from studios to three-bedroom units, with upscale apartments and amenities such as a pool and patio deck, a high-end fitness center, a rooftop lounge, garage parking and co-working space.
The complex is not far from destinations such as Jones Beach, Fire Island and The Hamptons, as well a newly revitalized downtown along the thoroughfare of Welwood Avenue.
