JLL advises on $114.2 million financing package for Long Island multi-housing development

NEW YORK, Sept. 16, 2025 – JLL Capital Markets announced today it has arranged the $114.2 million construction loan for 214 West Main St., a planned multifamily development in Patchogue, NY.

JLL represented the borrower, a joint venture between Nord Development Group and ACRE. The team arranged a $95 million senior secured construction loan with Bank OZK and a $19.2 million mezzanine loan with PGIM, the global asset management business of Prudential Financial, Inc.

Located at the entrance of downtown Patchogue on Long Island, 214 West Main St. will be a 262-unit multifamily development. It will consist of 209 market-rate and 53 affordable units spread across two five-story buildings. Each unit will offer sophisticated design, top-of-market finishes and the property will feature an extensive amenity package including high-tech co-work and living spaces, a library, lush gardens and a spa/pool area.

Additionally, the project will also convert a 6,970-square-foot parcel along the Patchogue River owned by the county into a public park, which will blend seamlessly with private park space for residents. The total park space created as part of the project will exceed 25,000 square feet.

The site is located near several major roads connected to the rest of Long Island and New York City, including the Long Island Expressway, Montauk Highway and Sunrise Highway. It is also just minutes away from Patchogue’s Long Island Rail Road station and the Watch Hill Ferry Terminal.

A JLL team, including Senior Managing Directors Peter Rotchford and Jose Cruz, Managing Director Jesse Wright, and Senior Directors Nicco Lupo, Ryan Robertson and Clayton Ross, represented the borrowers.

“Bank OZK is pleased to be the senior lender for this multifamily development that is primed to deliver quality housing, superior amenities and transit connectivity in a highly desirable market,” said James Whelan, Managing Director, Originations at Bank OZK.

“We’re pleased to provide mezzanine financing for this exceptional multifamily development in Patchogue, which benefits from a vibrant downtown, strong transit connectivity to New York City and a growing base of residents attracted to its walkability and waterfront access,” said Shaunak Tanna, executive director for PGIM’s real estate business.

JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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