SELDEN, N.Y. — Knighthead Funding, LLC has provided a $34.5 million loan for the construction of an active adult community in Selden, a hamlet on Long Island.
The borrower is The Northwind Group. The property is fully permitted, planned and approved, but a community name was not released.
Situated on 13.8 acres, the complex will feature 124 two-bedroom, two-bath units, including 36 affordable homes, in 15 two-story residential buildings.
“Considering the supply/demand imbalance and the limited prospects for new construction in the area, our capital will help Northwood bring needed quality seniors housing in a market with high barriers to entry,” says Brian Sullivan, a vice president with Knighthead.