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Huntington townhome project moves forward

David Winzelberg //January 29, 2019 //

Rendering of Kensington Estates

Rendering of Kensington Estates

Huntington townhome project moves forward

David Winzelberg //January 29, 2019 //

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The start of sales for a long-awaited housing development on the border of Nassau and Suffolk counties is scheduled for next week.

Queens-based Triangle Equities and its partner GTIS Partners will begin sales Feb. 5 after closing on their $80 million joint venture that will bring 80 townhomes to an 18.6-acre site on Jericho Turnpike that had been home to Indian Head Ranch, where horses were stabled and ridden.

Three additional single-family homes on half-acre lots are also included in the plan, part of a deal hammered out with the Gates Civic Association and homeowners along Plainview Road who wanted a transition between their single-family-home neighborhood and the townhouse-style condos of the proposed project.

Approvals for the development called Kensington Estates, first pitched more than 10 years ago, were challenging to secure, since most of the site for the proposed 55-and-over community is in Huntington, but 5.1 acres are in Woodbury. That meant the developers had to seek the OK for its plan from both Nassau and Suffolk counties, the towns of Huntington and Oyster Bay, and the South Huntington and Syosset school districts. Original plans called for 136 condos on the site, which has since been trimmed to 80.

The new community will feature a clubhouse, fireplace lounge, outdoor pool and veranda, a tennis court, indoor fitness center, billiard room and event space.

“We are excited to move forward in bringing this premier property to the North Shore of Long Island,” Lester Petracca, president of Triangle Equities, said in a written statement. “This joint venture with GTIS will allow us to deliver high-quality, active-adult housing rarely seen before in the area.”

Financing for the project was brokered by Andrew Scandalios, Rob Hinckley and Geoff Goldstein of HFF, which arranged $30 million in joint-venture equity between Triangle Equities and GTIS Partners and an additional $50 million in construction financing from Bank OZK.