Knighthead Funding Provides $34.5 Million Loan for Development of 55 and Over Multifamily Community in Selden, NY – Real Estate Weekly
Knighthead Funding, LLC (“Knighthead”) has provided The Northwind Group (“Northwind”) with a $34.5 million first mortgage construction loan for the development of a 55+ multifamily community in Selden, NY.
Located at 1277 Middle Country Road, the property is fully permitted, planned and approved. Situated on 13.84 acres, the complex will be comprised of 124 two-bedroom, two-bath units, including 36 affordable homes, in 15 two-story residential buildings.
“Northwood is a repeat borrower who has two decades of experience as a senior housing developer. Considering the supply/demand imbalance and the limited prospects for new construction in the area, our capital will help Northwood bring needed quality senior housing in a market with high barriers to entry,” said Knighthead Vice President, Brian Sullivan.
Since December, Knighthead has originated $66 million in first mortgage debt for the acquisition of office and multifamily assets throughout the United States, including:
• A $9.945 million loan for the acquisition of a 15-story office building and a two-story commercial property that are being converted into mixed use development and parking garage in Tacoma, WA
• A $5.75 million first mortgage for the acquisition of a 2.29-acre multifamily development site located in Charlotte, NC.
• A $6.150 million loan for the acquisition of a 3.3-acre multifamily development site in Nashville, TN.
• A $4.325 million first mortgage for the fee interest acquisition of a 119,000-square-foot office building in Rockford, IL
“Despite the challenges created by the pandemic over the last 24 months, our team has continued to find ways to effectively meet the needs of Borrowers nationwide across a broad range of property types,” said Knighthead Principal, Jonathan Daniel. “Our continued growth is a testament to our ability to provide exceptional service and certainty to intermediaries and borrowers.
Since its inception in 2013, Knighthead has originated in excess of $2.1 billion in loans, closing 162 loans on 10 asset types across 29 states.
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