TDI Begins Construction on Transit Oriented Mixed Use Project in Farmingdale, New York

IRVING, Texas, Nov. 20, 2013 /PRNewswire/ -- TDI Real Estate Holdings LLC, a leader in the development of Class A multi-family housing, has begun a $40 million construction project that will create 154 apartments, almost 20,000 square feet of retail space and secure parking directly across the street from the MTA/Long Island Railroad's Farmingdale Station. 

"The Farmingdale Station project is a unique opportunity to create a mixed-use transit oriented development in the heart of Nassau County," said Greg Belew, TDI Investment Partner, Northeast. "TDI was able to partner with a local developer who could not obtain financing and finished design and approval work to get construction underway for a project that will serve an area in need of revitalization."  The original project design was awarded the Vision Long Island Award in 2012 given to organizations and individuals that demonstrate true Smart Growth leadership.

"The current occupancy rate in the Nassau County submarket where Farmingdale Station is located is almost 97 percent so this project offers a tremendous opportunity to serve an area in need of additional housing as well as an ideal investment opportunity," he said.

The project will feature high-end residential units with a range of common area amenities such as a club room, fitness facility, secure garage parking, and courtyard recreation areas.  The location is also a one block walk from Farmingdale's Main Street, home to a variety of shops and restaurants.  Ten percent of the development's residential units have been set aside for workforce housing.

"Transit oriented development is the wave of the future in areas such as this," said Belew. "TDI is actively seeking other similar investment and development opportunities in this region."  Residents can leave Farmingdale Station and arrive in Manhattan in less than 50 minutes. The project is also close to the Long Island Expressway and Southern State Parkway.

"TDI's founders have decades of experience and a strong track record within the multi-family industry," said Belew. "Together they have developed or acquired more than $10 billion in projects during their careers."

"We are aggressively seeking similar opportunities in the Northeast where our strong track record and access to capital can move great projects such as this one forward to completion."

Bartone Properties, a Farmingdale based developer, entered an agreement to purchase the property in 2007 but spent almost six years obtaining approvals for the project before seeking a partner.  Yuri Kletsman of Berkadia Commercial Mortgage LLC assisted in sourcing the construction financing for the project.

About TDI Real Estate

TDI, an institutional developer of multifamily properties, currently has over 2,200 units under construction in Arizona, New York and Texas and has asset management responsibilities for 4,972 units nationwide.  In addition, TDI has plans to develop an additional 2,000 units over the next 12 months in projects that are in various stages of planning and predevelopment and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan.  TDI's northeast regional office, located in Irvington, NY, is focused predominantly on urban infill; transit oriented, and mixed use development opportunities.  TDI takes environmental stewardship seriously and is committed to sustainable development practices.    

To learn more about TDI, please visit www.tdire.com

About Berkadia™:

Berkadia Commercial Mortgage LLC, one of the most prominent lenders in the commercial real estate industry, is a highly rated master, primary and special servicer managing a portfolio of more than $250 billion as of September 30, 2013. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of commercial real estate properties. Through the acquisition of Hendricks & Partners, Berkadia now adds multi-family advisory services and investment sales to its capabilities.

 To learn more about Berkadia, please visit www.berkadia.com.

SOURCE TDI Real Estate Holdings LLC