CBRE Capital Markets announced the sale and financing of an active adult community in Deer Park, New York. Jeff Dunne and Eric Apfel of the New York Metro Institutional Sales team, along with Aron Will, John Sweeny and Scott Bray of the CBRE Senior Housing team, handled this transaction.
CBRE represented the seller, a joint venture between B2K Development, a Long Island-based real estate development group, and Harrison Street, one of the leading investment management firms that has a focus on alternative real assets. The team also procured the buyer, Fairfield Knolls at Deer Park Owner LLC, a real estate investment group based in Melville, NY. There was significant interest in the offering, likely fueled by limited competition in the area with strong demand for active adult living.
Built in 2021 by B2K Development and Harrison Street, Sutton Landing at Deer Park comprises 200 units with 40 designated as affordable. In August 2019, the project landed a $45 million construction loan from TD Bank, according to Yardi Matrix data. It achieved stabilized occupancy exceeding 98%. The community will be rebranded as Fairfield Knolls at Deer Park.
CBRE also arranged the financing for this transaction through its Freddie Mac Optigo Lending Platform. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of the New York CBRE Debt and Structured financing team, as well as Aron Will, Matthew Kuronen and Michael Cregan of the CBRE National Senior Housing team, handled this transaction. The purchase included the assumption of the remaining IDA benefits.
