Land Pre-Development Suffolk County, NY

$30,000,000

Land Pre-Development
Suffolk County, NY

A $30MM First Mortgage (70%+ LTC) secured by the fee simple interest in a 114-acre development parcel located in Suffolk County, NY. The loan was used to complete an assemblage of the property pay transaction costs, and fund carry, debt service and predevelopment reserves. The Borrower’s business plan during the term of the loan is to pursue a re-zoning from single family 1-acre lots to multi-family zoning.