Tritec Real Estate has landed a $140 million loan to refinance a newly built multifamily asset on Long Island, Commercial Observer has learned.
Truist Financial provided the loan for the developer’s 418-unit Shoregate property in Bay Shore, N.Y. The lender also led a $113 million, four-year, floating-rate construction loan with Santander Bank for the project that sits on a 10-acre site formerly occupied by Touro College.
JLL arranged the transaction with a capital markets team consisting of Kellogg Gaines, Geoff Goldstein and Michael Gigliotti.
“Its unique combination of a prime location and access to public transportation makes the property stand out as a best-in-class asset, which resulted in significant interest from the lending community,” Goldstein said in a statement.
Located at 1700 Union Boulevard, the four-story transit-oriented property comprises 334 market-rate and 84 apartments designated as affordable along with 1,650 square feet of restaurant retail space. Community amenities include a pool with patio area, a fitness center, outdoor barbecue stations, a rooftop deck, an indoor golf simulator and pickleball courts.
Read the full article from the Commercial Observer.
