Inside the $104M Deal Shaping Long Island's Luxury Future

NEW YORK, NY – December 09, 2025 – A significant capital infusion into a newly opened Long Island luxury apartment building is sending clear signals about the future of both regional housing markets and real estate finance. Eldridge Real Estate Credit has provided a $104.2 million bridge loan to refinance The Langdon, a 201-unit multifamily property in Lynbrook, New York. The deal not only underscores the roaring success of transit-oriented luxury living in New York’s suburbs but also highlights a crucial evolution in how these ambitious projects are funded from start to finish.

This transaction is more than a simple refinance; it represents a deepening commitment from Eldridge, which previously funded the project's $70 million construction loan. By guiding the asset from blueprint to a stabilized, income-producing property, the firm is showcasing a full-lifecycle financing model that is becoming increasingly vital for developers in a complex economic climate.

A New Blueprint for Real Estate Capital

The move by Eldridge Real Estate Credit, the property investment arm of asset management giant Eldridge, marks a strategic expansion into the bridge and transitional lending space. While construction loans provide the initial capital to build, a bridge loan serves a different purpose. It replaces the construction debt once a project is complete but before it has reached full occupancy, or “stabilization.” This type of financing provides developers with the flexibility and time needed to execute their lease-up strategy and secure permanent, long-term financing on more favorable terms.

In a market where traditional banks have pulled back—with national multifamily mortgage originations dropping a staggering 51% in 2023—the role of private credit and alternative lenders like Eldridge has become paramount. This retrenchment has created a substantial funding gap, estimated to be as high as $150 billion across commercial real estate, leaving many high-quality projects in need of capital. By offering both construction and bridge financing, Eldridge positions itself not just as a lender, but as a long-term capital partner.

“The Langdon exemplifies the type of premier multifamily asset that aligns with Eldridge’s long-term investment strategy,” said Matthew Rosenfeld, Head of US Real Estate Credit at Eldridge Capital Management. “We are proud to partner with Breslin and Fields Grade in advancing the next phase of The Langdon and delivering exceptional homes to Long Island.”

This full-cycle approach provides developers with continuity and certainty, mitigating the risk of having to find a new lender in a potentially volatile market upon a project’s completion. It’s a model built on reinforcing success, doubling down on assets that have proven their market viability.

The Langdon: A Case Study in Transit-Oriented Success

The Langdon itself is the embodiment of what today’s discerning renters are seeking in suburban markets. The seven-story building, developed by the partnership of Breslin Realty and Fields Grade Development, features 201 luxury residences and 1,800 square feet of ground-floor retail poised to invigorate Lynbrook’s downtown streetscape.

The property's most compelling amenity is its location. Situated directly adjacent to the Lynbrook Long Island Rail Road (LIRR) station, it offers residents a direct commute to Midtown Manhattan in under 40 minutes. This transit-oriented development (TOD) model is proving to be a powerful engine for growth across Long Island, creating walkable, vibrant communities that reduce car dependency and appeal to professionals who desire both urban access and suburban comfort.

The market’s response has been immediate and overwhelming. Since opening its doors this past summer, The Langdon has already leased over 50% of its units—a rapid pace that confirms the deep, unmet demand for this type of housing. With rents for its studio, one-, and two-bedroom apartments starting around $3,000, the property is attracting a clientele willing to pay a premium for quality, convenience, and an amenity-rich lifestyle. The inclusion of 20 affordable units also reflects a modern, balanced approach to community development.

Long Island's Multifamily Boom

The Langdon’s success is not an isolated event but a reflection of powerful macroeconomic and demographic tailwinds. Nassau County, with its high median household income and population density, is fertile ground for luxury development. Meanwhile, the broader New York metropolitan area is grappling with a severe housing shortage, reflected in a razor-thin rental vacancy rate of just 2.8%.

Elevated homeownership costs and persistent high mortgage rates have made renting a more attractive and, in many cases, necessary choice for a larger segment of the population, including Millennials and Gen Z. These generations prioritize flexibility, high-end amenities, and walkable access to shops, dining, and public transit—all hallmarks of the TOD model. Developments like The Langdon are not just adding housing units; they are helping to revitalize downtown cores and create the dynamic, 18-hour communities that many Long Island towns are striving to become.

“The collaborative effort on behalf of this luxury rental development reflects a shared commitment to meeting a proven market demand in one of the highest median incomes in the nation,” stated Greg Russo, Co-founder and Principal at Fields Grade Development.

The Power of Proven Partnerships

Underpinning this successful project is the synergy between seasoned developers and a flexible capital partner. The developers, Breslin Realty and Fields Grade Development, bring decades of specialized experience. Breslin Realty has been a dominant force in Long Island commercial and residential real estate for over 50 years, while Fields Grade Development brings a vertically integrated model and a track record of delivering over $5 billion in multifamily assets, primarily in New Jersey's competitive urban markets.

Their combined expertise was crucial in navigating the complexities of developing a large-scale project in a mature suburban community. The strength of this partnership is further validated by Eldridge’s willingness to reinvest in the project, a testament to their confidence in both the asset and the team behind it.

David Orwasher, Chief Development Officer at Breslin Realty, lauded the relationship, noting, “While many lenders boast of being relationship-driven, we are happy to report that Eldridge truly lived up to that credo. The measure of that too often hackneyed mantra is only revealed in actual execution, timeliness, and expressions of problem-solving negotiations, and I am pleased to say that Eldridge delivered on all fronts.”

As the luxury housing market continues to evolve, the story of The Langdon offers a compelling blueprint for the future. It demonstrates that the successful formula for high-end suburban development lies at the intersection of strategic location, sophisticated design, deep market knowledge, and, perhaps most importantly, innovative and enduring financial partnerships.