BHI, the U.S Branch of Bank Hapoalim, B.M. and a full-service commercial bank, provided The Beechwood Organization with $10 million to finance the pre-development phase of “The Lighthouse”, a 109K SF development site located on the northwest corner of Beach Front Road and Beach 67th Street in The Rockaways’ Arverne, Queens.

Upon projected completion in November 2027, the proposed building “The Lighthouse” will contain 82 residential condominium units (roughly 89K SF), 1 ground floor retail unit (roughly 4K SF) along with 90 parking spaces. 

Developed by The Beechwood Organization, “The Lighthouse” is part of Arverne by the Sea (ABTS), a $1.0+ billion SF development project commissioned by the Department of Housing Preservation and Development of the City of New York (“HPD”). 

In 2004, the Borrower, Beechwood, with its joint venture partner The Benjamin Companies, acquired the 120-acre city-owned plot and began developing.  The transformed site is now a mixed-use transit-oriented development featuring 1,600 residential units including (1) 46 two-family homes, completed in 2004, (2) 256 mid-rise condos, completed in 2007, (3) 121 two-family homes, completed in 2007 (4) and 133 two-family homes, completed in 2009.  They also (5) rebuilt the A-train transit plaza, completed in 2010, (6) developed a  55,000 SF Super Stop & Shop, completed in 2012, (7) added 270 two-family homes, completed in 2016 (8) and a 126-unit rental building #1 and 93-unit rental building #2, completed in 2018 along with (9) a charter school which is slated to open in 2026. Future development plans include another 600 homes.

As part of the neighborhood improvement, ABTS also includes a 45,000 SF YMCA community center, and 28,000 SF of in-line community retail space, including restaurants, coffee shops, dry cleaners and a surf shop. ABTS is considered one of the largest and most successful urban waterfront revitalizations in the Northeast and has been a driving force behind the revitalization of the Rockaway Peninsula.

Founded by CEO Michael Dubb in 1985, The Beechwood Organization is a family-owned business and one of the largest developers of residential and mixed-use communities in New York State.  Since 1985, Beechwood has built more than 10,000 homes in 80 communities with new residential and mixed-use developments on the map in Brooklyn, Queens, the Bronx and Long Island out to the Hamptons, Upstate New York in Saratoga Springs, and North Carolina in Charlotte and Chapel Hill.

“BHI is committed to deploying capital in support of generating innovative, ground-up developments across the tri-state region,” said David Kesselman, Vice President of Commercial Real Estate at BHI. “Projects like this play an important role in meeting the region’s evolving needs, and we’re proud to support sponsors who are adding thoughtfully-designed inventory to the market.”

“Queens continues to stand out as one of New York’s most dynamic growth corridors, and we’re excited to embark on this latest development process with BHI by our side,” said Steven Dubb, Principal and President, The Beechwood Organization.