Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, today announced it has provided a $104.2 million bridge loan to Breslin Realty and Fields Grade Development to refinance The Langdon, a seven-story luxury multifamily property located in Lynbrook, New York, on Long Island.
This transaction marks Eldridge Real Estate Credit’s continued expansion into the transitional and bridge lending space, complementing its history in development and construction financing. With this enhanced flexibility, Eldridge is well-positioned to continue supporting sponsors and assets through the full asset life cycle.
Previously, Eldridge provided the property’s $70 million construction loan. This transaction increases Eldridge’s investment in the asset following successful completion and delivery, and underscores Eldridge’s commitment to providing flexible capital solutions to best-in-class real estate assets.
Eldridge Real Estate Credit is focused on investing opportunities throughout the US, UK, and Europe. The platform has originated over $11 billion in loans, leveraging an experienced team to provide liquidity and flexibility to high quality sponsors throughout the capital structure.
“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.”
The Langdon features 201 multifamily residential units and 1,800 square feet of ground-floor retail. The property is adjacent to the Lynbrook Long Island Railroad station, offering direct access to Midtown Manhattan in under 40 minutes. Since delivery this summer, the property has been well received by local residents and community members, with more than 50% of the residential units already leased.
“While many lenders boast of being relationship-driven, we are happy to report that Eldridge truly lived up to that credo,” said David Orwasher, Chief Development Officer at Breslin Realty. “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.”
“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,” said Greg Russo, Co-founder and Principal at Fields Grade Development.
About Eldridge
Eldridge is an asset management and insurance holding company with over $70 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports & entertainment. Eldridge Real Estate Credit is the brand name for the real estate credit team at Cain International (“Cain”) that joined Eldridge Capital Management in June 2025. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com.
About Breslin Realty
Breslin Realty Development Corp. and its family of companies develops, leases, and manages an extensive portfolio of commercial and multi-family residential properties occupied by successful tenants including a mix of commercial national, regional, and local retailers. Since 1953, Breslin Realty Development Corp. has grown from a small retail brokerage office to a multi-faceted development company specializing in commercial and residential real estate with extensive expertise in land planning, entitlements, development, tenant relationships, landlord representation, creative financing, property management, and construction. Today, the company manages a portfolio of properties totaling millions of square feet. For more information about BRDC, our portfolio and diversified group of services, please visit us at www.breslinrealty.com.
About Fields Grade Development
Fields Grade Development is a full service real estate development company based in Hoboken, New Jersey founded by Greg Russo and brothers James and Robert Caulfield. Fields Grade is a vertically integrated real estate development company that combines deep in-house expertise in development, construction and design to deliver high-quality multifamily projects from concept through delivery. Having built or developed more than $5 billion of multifamily assets, the firm controls every stage—site selection and entitlement, architectural and interior design, construction management, and asset stabilization—enabling faster schedules, stronger cost control and consistent design integrity. Known for pragmatic problem solving, technical rigor and thoughtful urban design, the company specializes in creating resilient, attractive residential communities that perform for residents and investors alike. To learn more, please visit www.fieldsgrade.com.
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