Rechler Equity Partners has completed a 154.25 million dollar refinancing for the Greybarn Amityville multi-family housing complex on Long Island. The loan for the 335-unit residential complex in New York State was provided by US financing firm PCCP.
The property in Amityville was developed by Rechler Equity Partners in three successive construction phases between 2016 and 2020. The debt financing was structured by a capital markets team from advisory firm JLL, comprising Peter Rotchford, Andrew Scandalios and Clayton Ross.
Structured financing in a selective market environment
According to Peter Rotchford, Senior Managing Director at JLL, lenders are currently assessing the ongoing earning power of multi-family properties with great scrutiny. Equally decisive is the owner's ability to keep the asset competitive over the long term. Greybarn Amityville combines established tenant demand with high-quality amenities and a developer that continues to manage the property directly. These factors were pivotal in securing substantial financing in a cautious market.
PJ Finley, Vice President at PCCP, pointed to the fundamental strengths of the regional market. Long Island's rental housing sector features low levels of new construction alongside high household incomes. The property is expected to benefit from this starting position throughout the loan term.
Mixed use and supply constraints in Suffolk County
The property is located at 805 Broadway, around 40 miles east of Manhattan. The development comprises 269 market-rate rental apartments and 66 workforce housing units. On the ground floor, the property provides 37,737 square feet of retail space, let to tenants including Starbucks and healthcare provider True North Urgent Care. Resident amenities include a swimming pool, a fitness centre and co-working spaces.
The property is situated in the south-western part of Suffolk County, where, according to JLL, not a single multi-family project with 50 or more units was under construction in the first quarter of 2026. This halt in new developments follows a decade during which the submarket recorded an average addition of 417 residential units per year.
