Rechler Equity Partners gets $154.25 million to refinance North Amityville apartments built on mobile home park

A major Long Island developer secured $154.25 million in debt to refinance previous loans on an apartment complex that replaced a North Amityville mobile home park.

Rechler Equity Partners on Long Island borrowed $154.25 million to refinance two past loans on a 335-unit Greybarn apartment complex at 805 Broadway, built on the former site of the Frontier Mobile Home Park.

The new debt is from the real estate investment company PCCP, according to a news release from the commercial real estate brokerage JLL, which arranged the debt. The financing, which replaces two previous loans, won’t mean any changes for residents, Gregg Rechler, who co-leads Rechler Equity Partners with his cousin Mitchell Rechler, told Newsday on Wednesday.

Rechler Equity Partners got the loan amid a somewhat challenging market for new debt, Sam Chandan, the director of the Chao-Hon Chen Institute for Global Real Estate Finance at New York University's Stern School of Business, told Newsday in an email.

Of the 335 apartments, 269 units are rented at market rates, while 66 have restricted rents, according to the JLL news release. Available one-bedroom apartments rent for more than $3,000 per month, according to Greybarn’s website.

"I do think it is choppy out there for financing," Gregg Rechler said. "Lenders are looking for quality: quality of market, quality of asset and quality of sponsor."

While the buildings are relatively new, the plans to build the apartments date back more than two decades. In 2011, a company owned by the Rechlers announced it would shutter the Frontier Mobile Home Park, which at the time had more than 300 mobile homes.

Those residents protested the development, and a civic association filed lawsuits seeking to stop it. Those cases were dismissed and the developer paid out $20,000 in relocation payments to about 200 of the households, according to a spokesperson for Rechler Equity Partners. Demolition began in 2014, Newsday previously reported.

In 2015, the developers secured tax breaks from the Town of Babylon Industrial Development Agency, which are slated to end after 2033, according to the 2015 IDA agreement. From 2015 to 2025, the developers saved more than $9.9 million on property taxes, according to 10 annual IDA reports.

The $121.8 million development employed 12 staffers with an average salary of $60,000 per year as of 2025, according to the Babylon IDA’s 2025 report.

The Babylon IDA unanimously approved the new financing from PCCP in its Sept. 23 meeting, according to a recording of the meeting and its agenda. California-based PCCP, founded in 1998, has around $30 billion in assets under management, according to its website.

Developers Mitchell and Gregg Rechler have built other luxury apartments across Long Island, including Greybarn Patchogue in East Patchogue at 303 E. Main St. The duo also is working to turn a defunct Sayville golf club into 568 for-purchase homes and apartments, after previous proposals, which included more housing, faced opposition from residents and local officials, Newsday reported.