TRITEC Lands $173 Million for Bay Shore Residences, Now Shoregate

TRITEC secured $173 million in financing for Bay Shore Residences, now Shoregate, The Real Deal reported.

• Construction loan: $113 million, four-year, floating rate, from Santander Bank and Truist Financial Corporation
• Equity: $55 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management
• Site: more than 10 acres on Long Island’s South Shore, the former Touro College campus

“We thank our partners for their trust in TRITEC and their commitment to the Bay Shore community. We look forward to delivering an exceptional project,” said TRITEC co-founder Bob Coughlan.

Read the full story: Tritec lands $173M for Bay Shore Residences, The Real Deal