A big project in Bay Shore is coming together after $173 million in financing came through for Long Island developer Tritec Real Estate.
The developer secured a $113 million, four-year, floating rate construction loan from Santander Bank and Truist Financial Corporation. Another $55 million came in joint venture equity from institutional investors being guided by J.P. Morgan Asset Management, according to the Commercial Observer.
The project — known as Bay Shore Residences — is being built on more than 10 acres of land in Bay Shore on Long Island’s South Shore. The land once was the site of a Touro College campus.
Read the full article in The Real Deal.
