Northmarq finalizes $11 million in acquisition financing for 120 Jericho Turnpike

NEW YORK (Oct. 16, 2023) — Senior Vice President and Managing Director Keith Braddish and Vice President Eli Levenfeld of Northmarq’s New York City Debt + Equity team have secured $11 million in acquisition financing for 120 Jericho Turnpike in Jericho, New York. The property is currently an 80-room Hampton Inn Hotel which will be repurposed as a state-of-the-art dormitory for the credit tenant, New York Institute of Technology (NYIT). Northmarq secured the permanent fixed-rate loan for PX4 Development through its relationship with a commercial bank. “The lender was able to offer the most leverage and prepayment flexibility for PX4 Development,” said Braddish. 120 Jericho Turnpike is strategically located with convenient access to NYIT’s campus and amenities. As an ideal choice for a student dormitory, the 52,962-sq.-ft.-property boasts modern amenities and features a comfortable student living environment. The property is just 12 minutes from the NYIT campus and will serve students pursuing professional degrees in architecture, engineering and more. Managing Partner Michael F. Puntillo of PX4 Development expressed his excitement about the successful acquisition, stating, "We are thrilled to have successfully closed on the acquisition of 120 Jericho Turnpike. This property, coupled with our long-term lease agreement with New York Tech, signifies a substantial opportunity to support their mission of nurturing academic excellence and fostering a vibrant campus community. We eagerly anticipate collaborating with the university to deliver state-of-the-art student housing facilities and contributing to the growth and development of the local area.” View Northmarq’s financing services here.