Madison Realty Capital says that it has originated a $43 million loan to build 38 townhomes in Water Mill, New York to JS Squared, a multi-disciplined real estate development company led by James Stanton and Jeffrey Suchman.
The property at 66 Nowedonah Ave. will consist of approximately 103,000 sellable sq. ft. including the townhouses, a resident clubhouse and a pool.
“Water Mill is a community-oriented village in the Hamptons but has very limited land and housing available as a result of its location along a narrow strip of the beach on the Atlantic Ocean,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a May 5 statement.
“Demand from New Yorkers and others for second homes in the Hamptons only continues to grow and townhomes present a unique opportunity to live in an attractive area. We are pleased to leverage our existing relationship with two highly experienced developers, James Stanton and Jeffrey Suchman, to serve as a single source of financing.”