PCCP lends $154M to refinance Long Island apartments

PCCP provided a $154.25 million loan to Rechler Equity Partners to refinance Greybarn Amityville, a 335-unit apartment property in Amityville, N.Y., Commercial Observer reported. Terms beyond the loan amount were not disclosed.

The $154.25 million loan works out to about $460,000 per unit. The property at 805 Broadway, roughly 40 miles east of Manhattan, holds 269 market-rate apartments and 66 workforce units, plus 37,737 square feet of ground-floor retail leased to Starbucks and True North Urgent Care. Rechler Equity built it in three phases between 2016 and 2020 and continues to manage it. JLL's capital markets team of Peter Rotchford, Andrew Scandalios and Clayton Ross arranged the debt.

Lenders underwriting Long Island apartments will weigh a thin construction pipeline: JLL counted no multifamily project of 50 units or more under construction in southwest Suffolk County in the first quarter of 2026. The submarket added an average of 417 units a year over the prior decade.

JLL senior managing director Peter Rotchford said lenders are looking at both current property performance and the owner's ability to keep the property competitive over time. PCCP Vice President PJ Finley cited the Long Island rental market's "low levels of new supply and high incomes" as a reason the property should hold up over the loan period.

PCCP has been lending against apartments and logistics this fall. As Private Wealth Daily previously reported, it provided a $68.3 million refinancing for Logistics Property Company's Palm Gateway park in Mesa, Ariz., in late October, and it lent $163.9 million for a 426-unit Paramus, N.J., project with Russo Development and Kushner Real Estate Group.