NEW YORK CITY—Anticipating and fulfilling a demographic need, Triangle Equities and GTIS Partners have closed on an $80 million joint venture of luxury housing for the 55-and-over age group. The 80 townhome development called Kensington Estates is at 38 Plainview Rd. in Woodbury, NY.
The project will total 170,000 square feet and include a clubhouse, fireplace lounge, an outdoor pool and veranda, a tennis court, an indoor fitness center, billiard room and event space. It will be situated on 18 acres of landscaped grounds with a lake area.
Construction began in December and is expected to be completed in spring 2021.
“We are excited to move forward in bringing this premier property to the North Shore of Long Island,” says Lester Petracca, president of Triangle Equities. “This joint venture with GTIS will allow us to deliver high-quality, active-adult housing rarely seen before in the area.”
Rob Vahradian, senior managing director at GTIS, notes, ”The 55-and-over housing market has been one of the country's fastest growing housing sectors, fueled by significant demographic tailwinds, and Kensington Estates continues our focus on investing in quality housing with strong long-term growth drivers.”
Amit Rind, director at GTIS, points to Long Island having high barriers to entry, with Woodbury being a desirable location. The developers particularly note the area's shortage of new, age-restricted housing.
Located at the intersection of Jericho Turnpike and Plainview Rd., Kensington Estates residents can reach Manhattan in under an hour by either car or train.
HFF brokered the financing, arranging $30 million in joint venture equity between Triangle Equities and GTIS Partners, and $50 million in construction financing from Bank OZK. The HFF debt and equity placement team included Andrew Scandalios, Rob Hinckley and Geoff Goldstein.
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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.
