Holliday Fenoglio Fowler, L.P. (HFF) announces the capital raise for The Vineyards of Brookfield, a to-be-built, 146-home, age-restricted (55+) townhome community with a total project cost of $58 million in the Long Island community of Center Moriches, New York.
The HFF team worked on behalf of the developer, Ornstein Leyton Company (OLC), to secure an investment from Atalaya Capital Management (Atalaya), a New York City-based investment manager, to develop the property.
The Vineyards at Brookfield will be situated on approximately 29 acres near the intersection of Brookfield Avenue and Wading River Road. The project will be less than half of a mile south of Sunrise Highway and adjacent to The Vineyards at Moriches, a 92-unit, active adult retirement community also developed by Ornstein Leyton Company. The Vineyards at Brookfield will be completed in two phases, the first of which will deliver in 2019. The gated community will feature a state-of-the-art clubhouse and outdoor recreational facilities featuring amenities, including a lounge, billiards room, card room, kitchen, fitness center, yoga studio, heated swimming pool, and bocce and pickle ball courts.
The HFF equity placement team representing the developer included senior managing director Evan Pariser, managing director Rob Hinckley and senior director David Fowler.
“Vineyards at Brookfield is the fourth installment of the highly successful Vineyards-branded, OLC development line in the area,” Hinckley said. “The project takes advantage of the downsizing needs of the area’s aging population. Atalaya proposed a favorable common equity structure to invest in the project given the attractive risk-return profile. We look forward to seeing the project’s success unfold over the next several years.”
About Ornstein Leyton Companies
Ornstein Leyton Company (OLC) is a leading regional real estate development company led by its principals Alec Ornstein and Scott Leyton. OLC was founded in 1991 and the partners have established a successful track record of 50+ combined years of construction and development expertise. Alec Ornstein is a two-time past Chairman of Long Island’s largest home building organization, the Long Island Builders Institute Inc. (“LIBI”), and a Life Director of the organization. As such, he has a unique position and perspective on development in the Town of Brookhaven.
About Atalaya Capital Management
Atalaya Capital Management is a privately held, SEC-registered, alternative investment advisory firm. Atalaya focuses on making credit and special situation investments in three principal asset classes – real estate, corporate and specialty finance. Founded in 2006, Atalaya is headquartered in New York City and has over $3 billion in assets under management.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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