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TRITEC Secures $203M Loan For Long Island Multifamily

Alston_Refi_Globe

LONG ISLAND, NY – Greystone has provided a $203.1 million Freddie Mac Optigo loan to a TRITEC Real Estate Co. affiliate for a recently-built, 489-unit, class A apartment complex on Long Island, NY.

The 10-year, fixed-rate loan will refinance the original construction loan from Bank of America.

The four-story, six-building, market-rate rental apartment community, Alston Station Square, is located at 1000 Mill Rd. in Ronkonkoma, NY, which is situated in the Town of Brookhaven in Suffolk County, Long Island.

The luxury property features a pool, multiple lounges, courtyards, a fitness center and top-of-the-line unit finishes.

Alston Station Square serves as the first phase of the more than two-million-square-foot master-planned development, The Hub at Ronkonkoma. In 2012, the Town of Brookhaven retained TRITEC to lead the master plan transformation of Ronkonkoma into a regional transportation center for eastern Long Island.

The property is situated within walking distance of the Long Island Railroad Ronkonkoma train station.

“TRITEC is excited to have worked with Greystone and Freddie Mac on this milestone transaction,” states Jim Coughlan, principal of TRITEC. “Greystone and Freddie Mac delivered a creative and foundational execution for the first of this multi-phase project to transform downtown Ronkonkoma.”

Read the full article in Globe St.