Station Yards Ronkonkoma Residential Mixed-Use Development Snags $166M Refi

As the residential component of The Core at Station Yards has been filling up, owners TRITEC Real Estate Company and The Olayan Group have nabbed a $166.21 million refinancing.

This supports the second phase of the Ronkonkoma project in Long Island, which includes 388 Class A rental units, retail space, 1,229 parking spots and 83,500 square feet of office. The Freddie Mac-backed permanent loan, provided by Greystone, comes with a 10-year fixed-rate term.

Since this portion of the project was delivered during the fall of 2024, TRITEC and Olayan noted in a statement that it has become a “premier live-work-play destination” in Long Island. Adding to that point, the two partners highlighted that housing supply is scarce in the area.

According to an Instagram post by the Station Yards community, occupancy at The Core hit 95 percent in April. Currently, another apartment building is under construction for The Core and is scheduled to hit the market by next spring.

“The refinancing reflects the strength of the asset and the continued demand for high-quality housing within thoughtfully designed, transit-oriented communities,” said Jimmy Coughlan, executive vice president and partner at TRITEC Real Estate Company.

“We’re grateful to Greystone for their efforts to secure financing that supports the long-term success of Station Yards.”

The first phase, known as Alston Station Yards, brought 489 residential units to the Ronkonkoma community in 2020. The full Ronkonkoma development, costing $1.2 billion, calls for 1,450 total residential units, 195,000 square feet of retail and 360,000 square feet of office space, according to New York Governor Kathy Hochul.

But TRITEC isn’t stopping with Station Yards in Long Island. In June, the developer refinanced 418-unit, the Shoregate, for $140 million. The Bay Shore property reached 95 percent occupancy within just the first six months of its June 2024 launch.

TRITEC operates various other residential properties in Long Island, including in Port Jefferson and Lindenhurst.

Read the full article in GlobeSt.