NEW YORK (Sept. 26, 2023) — Keith Braddish, senior vice president/managing director, and Eli Levenfeld, vice president, of Northmarq’s New York Debt + Equity office arranged the $7 million acquisition financing for a 13-acre land site located at 215-263 Carleton Ave. in Central Islip. Northmarq secured the bridge loan for PX4 Development through its relationship with a commercial bank.
Carleton Avenue in Central Islip is a prominent thoroughfare linking the Long Island Expressway and the Southern State Parkway and serves as the backdrop for this expansive site. Formerly utilized by the New York Institute of Technology (NYiT), the property comprises several buildings and facilities, now poised for transformation under PX4 Development's vision. Comprising three distinct parcels, the site has exciting plans, including a proposed multifamily residential complex, a grocery store and a medical office building.
“The lender was willing to fund in excess of 100% of the land acquisition price due to the borrower’s ability to successfully entitle and subdivide the property,” said Braddish. “The borrower has already executed a 20-year lease with Aldi for one of the parcels.”
Michael F. Puntillo, managing partner at PX4 Development, commended the collaboration with Northmarq. "Working alongside Northmarq to secure a bridge loan has been a great experience for PX4 Development,” said Puntillo. “The professionalism, expediency and exceptional expertise exhibited by the Northmarq team has proven invaluable in advancing our strategic goals. We are eagerly anticipating the potential of this partnership and look forward to future endeavors with Keith and the entire Northmarq team."
About PX4 Development
For over 70 years, PX4 Development has been a trailblazing force in the real estate development industry. With a legacy of excellence, we have developed over 15,000 residential units and executed transactions totaling over $1 billion. Our unwavering commitment to innovation and sustainability sets us apart as we continue to provide our clients and partners with unparalleled construction and development management services. Spanning across commercial, industrial, residential, and institutional sectors, our extensive experience grants us a unique insight into the intricacies of the industry, solidifying our position as a leader in delivering visionary projects. For more information, visit www.pxfour.com.