BLUE POINT, N.Y. —HFF has arranged $29.5 million in construction financing for Phase II of The Vineyards at Blue Point, an active adult community in the Long Island town of Blue Point.
The borrowers were Ornstein Leyton Company (OLC) and Latus Partners. Bank of the Ozarks provided the capital. Evan Pariser led the HFF team in the transaction.
HFF previously secured initial land acquisition financing as well as construction financing for Phase I, which included 74 units. Phase II will add 84 more units to the project.
The Vineyards at Blue Point is located on a 65-acre site. When all phases are completed, the 280-unit project will encompass 44 buildings with townhomes and single-level flats.
OLC is a regional real estate development company that focuses on building traditional residential communities and planned retirement communities throughout Long Island, Brooklyn, Westchester County, Dutchess County and Putnam County. Latus Partners is a real estate investment management firm.