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Tritec Nabs $173M Financing Package on Long Island Rental Project

Rendering of Bay Shore Apartments at 1700 Union Boulevard, Bay Shore, NY

Tritec Real Estate has secured $173 million in financing for its planned 418-unit, residential mixed-use property Bay Shore Residences in Bay Shore, Long Island, Commercial Observer has learned.

The financing package included a $113 million, four-year, floating-rate construction loan from Truist Financial Corporation (formerly SunTrust Bank) and Santander Bank for the ground-up buildout of the project, as well as $55 million in joint venture equity from “institutional investors advised by J.P. Morgan Asset Management,” according to JLL, which arranged the financing on behalf of Tritec.

Read the full article in the Commercial Observer.