JLL secures $18M in JV Equity for Ornstein Leyton Company
Sculptor Capital Management invests in The Vineyards at Mount Sinai, an age-restricted community on Long Island
MELVILLE, N.Y., December 2, 2019 — JLL Capital Markets has successfully secured $18 million in joint venture equity for Ornstein Leyton Company for the development of The Vineyards at Mount Sinai. The for-sale, age-restricted town home community will feature 91 homes in Mount Sinai, Long Island. Sculptor Capital Management Inc., formerly known as Och-Ziff Capital Management Group, provided the equity investment.
The development will be located at Plymouth Avenue and Canal Road in the hamlet of Mount Sinai, within the Town of Brookhaven in Suffolk County on Long Island. It will comprise 91 town homes, including 77 market-rate homes and 14 moderate-income homes. The project will feature a state-of-the-art, two-story clubhouse with a pool and a host of community activities, along with outdoor recreational facilities geared towards an active adult lifestyle.
The Vineyards at Mt. Sinai will encompass 91 town homes averaging around 2,000 square feet, and all homes will be sold in one phase. The market-rate town homes will have two bedrooms, two and one-half baths, nine-foot ceilings on the first floor, and oversized master baths. The architectural designs of the project maximize light and air by including high ceilings, oversized windows, and volumizing space. All homes will have basements, and, many will have either a one or two car attached garage.
The Vineyards at Mount Sinai is in close proximity to Long Island’s North Shore marinas and beaches, as well as shopping, entertainment, recreation, health care facilities, and other destinations sought by baby-boomers and empty nesters who wish to downsize and pursue a maintenance-free lifestyle.
The JLL Capital Markets professionals handling the assignment included Evan Pariser, Senior Managing Director; Rob Hinckley, Managing Director; Nicco Lupo, Associate; and Sophie Cohen, Analyst.
“The Vineyards at Mount Sinai represents OLC’s fifth active-adult community branded under ‘The Vineyards’ label,” said Pariser. “With 56 combined years of construction and development expertise, the company has a proud track record of completing each and every project successfully once a shovel hits the ground and will continue to add to its stellar history with The Vineyards at Mount Sinai.”
Pariser and Hinckley were part of the same team from HFF, prior to its acquisition by JLL, that worked with OLC in 2018 to raise equity for OLC’s highly successful development of The Vineyards of Brookfield, located in Center Moriches, N.Y., also on Long Island. The firm secured an investment from a separate New York City-based investment manager to develop that property.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Ornstein Leyton Company 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 56 combined years of construction and development expertise. Alec is a past chairman of Long Island’s largest home building organization, Long Island Builders Institute, and serves as a life director of the organization.