NEW YORK CITY—Ginsburg Development Companies has purchased The Landing on Mohegan Lake, located at 209 New Chalet Dr. in Mohegan Lake, NY. The 207-unit, multifamily property was sold for $55 million, according to industry sources. The seller was an international investment advisor.
The property was built in three phases from 1989 to 1999, with amenities including a clubhouse, fitness center, outdoor pool, sundeck, and oversized apartments. Westchester County has experienced rental growth averaging over 3.1% since 2011. CBRE attributes this to a limited new supply in the region, citing a high barrier for new construction.
CBRE brokers Jeffrey Dunne, Gene Pride and Eric Apfel represented the seller. CBRE debt and structured finance brokers James Gunning and Donna Falzarano represented the buyer in obtaining a 10-year Freddie Mac loan. The brokers note the loan carries an interest only term for the first five years with an attractive fixed rate of interest. They carried out a pre-sale debt marketing process which provided the buyer the ability to pursue the opportunity knowing what the debt would cost.
Ginsburg Development has deep roots and extensive properties in the region. For 50 years, it has focused its portfolio on New York's northern suburbs, building and selling residential condominiums and apartments in Westchester and Rockland counties, and in Connecticut.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
