PCCP Refis Long Island Apartments With $154M Loan

Rechler Equity Partners has landed a $154.25 million loan to refinance a multifamily asset on Long Island, Commercial Observer has learned.

PCCP provided the loan for the 335-unit Greybarn Amityville property in Amityville, N.Y., that was developed by Rechler in three phases between 2016 and 2020.

JLL negotiated the debt with a capital markets team consisting of Peter Rotchford, Andrew Scandalios and Clayton Ross.

“Lenders are looking closely at how a multifamily property performs today and at the owner’s ability to keep it competitive over time,” Rotchford, senior managing director at JLL, said in a statement. “Greybarn brought together established residential demand, a strong amenity offering and an owner that developed and continues to manage the property, all factors that helped us secure substantial financing in a market where lenders remain selective.”

PJ Finley, vice president at PCCP, said in a statement that the Long Island rental housing market has “low levels of new supply and high incomes,” which should “benefit the property” during the loan period.

Located at 805 Broadway 40 miles east of Manhattan, Greybarn Amityville features 269 market-rate apartments and 66 workforce units. The property also has 37,737 square feet of ground-floor retail space with tenants that include Starbucks and True North Urgent Care. Resident amenities include a swimming pool, a fitness center, and coworking spaces.

Greybarn Amityville is in southwest Suffolk County where no multifamily projects of 50 or more units were under construction as of the first quarter of 2026, following a decade in which the submarket added an average of 417 units a year, according to JLL.

Rechler Equity Partners did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.