Arrow Real Estate Advisors arranges $21.3 million land & predevelopment loan for master-planned community

Rockland County, NY Arrow Real Estate Advisors negotiated the closing of a $21.3 million predevelopment land loan. The project is a proposed 637-unit master-planned residential community on the site of a former golf club. The financing was provided by IDB Bank. The Arrow team of Morris Betesh, founder and managing partner, Morris Dabbah, senior vice president, and Louis Halperin, associate, represented the sponsorship in the transaction.

“We are grateful to our clients’ families for trusting us on this assignment, as they’ve poured their hearts and souls into bringing this project from concept to a shovel-ready development site over the course of nearly a decade,” said Betesh. “We’re glad to have contributed to the continued advancement of the project and we look forward to helping bring this master-planned community out of the ground in 2026. We expect this new relationship with IDB will be the beginning of a great long-term partnership for all.”

The proposed development will transform the former 144-acre golf course into a designed, amenity-rich community featuring 535 for-sale townhomes, 102 multifamily rental units, 38,500 s/f of commercial space, and 25,000 s/f of amenity space, including a gym, event space, banquet hall, and community center. Residents will also enjoy 67 acres of open space, including a 7.5-acre park, 4.7 miles of sidewalks, and scenic walking/bike trails.

The property, acquired in 2016, has undergone nearly a decade of planning, entitlement, and approvals. The Planned Unit Development (PUD) was formally adopted in March 2024 and ‘Phase 1’ site plan approval was obtained in August 2025, which cleared the way to develop the first 280 townhome lots. ‘Phase 2’ approval, which will cover the balance of the planned community development, is expected in Q2 2026. Construction is anticipated to begin in Q3 2026 with full project completion targeted for Q1 2030.