CBRE arranged the sale and financing of an active adult community in Mount Sinai, New York. The seller was a joint venture between B2K Development, a Long Island-based real estate development group, and Harrison Street.
Built in 2021 by B2K, Sutton Landing at Mount Sinai is a 225-unit community. This is the second of two properties, with the previous one being Sutton Landing at Deer Park that sold earlier in November. These two communities have 425 combined units. Aron Will, John Sweeny, Scott Bray, Jeff Dunne and Eric Apfel handled this transaction. There was significant interest in the offering, as active adult sales are comparatively rare in the area (and in today’s market). The emerging buyer was Fairfield Knolls at Mount Sinai Fee Owner LLC, a real estate investment group based in Melville, New York.
Aron Will, Matthew Kuronen, Michael Cregan, Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE utilized the Freddie Mac Optigo Lending Platform to secure financing for the buyer. The purchase also included the assumption of the remaining IDA benefits by the buyer.
