CBRE Arranges $62.8M Loan for Two Communities in New York

HUNTINGTON and SAYVILLE, N.Y. — CBRE National Senior Housing has arranged a $62.8 million loan for The Bristal at East Northport and The Bristal at Sayville, two communities in the Long Island towns of Huntington and Sayville, respectively.

The borrower is a joint venture between owner-operator The Engel Burman Group and institutional equity company Harrison Street Real Estate Capital.

The Bristal at East Northport is a 118-unit assisted living community. Engel Burman developed the community in 2010 and it is currently 99 percent occupied.

The Bristal at Sayville is a 153-unit assisted living and memory care community. Engel Burman developed the community in 2014 and it is 96 percent occupied.

Ultimate Care Assisted Living Management LLC currently operates both communities.

Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, fixed-rate loan with 60 months of interest-only payments. A life insurance company provided the capital.

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