TRITEC recaps LI property with $173M finance package

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JLL Capital Markets has arranged $55 million in joint venture equity and $113 million in construction financing for the development of Bay Shore Residences, a 418-unit, wood-frame residential building with ground-floor retail in Bay Shore, Long Island.

JLL worked on
behalf of the developer, TRITEC Real Estate Company, Inc, to arrange the joint
venture equity partnership with institutional investors advised by J.P. Morgan
Asset Management. Additionally, working on behalf of the partnership, JLL
arranged a four-year, floating-rate construction loan with Truist Financial Corporation
and Santander Bank.

Bay Shore Residences is a ground-up development that will be constructed in two phases and will include 334 market-rate and 84 workforce housing apartments in addition to 1,650 square feet of food-service retail.

The multi-housing property project will feature 17,500 s/f of interior amenity space that includes a fitness and aerobic center, clubrooms, lounges, dog wash station, game room and/or pool table room and a co-working / shared business center area.

In addition, Bay Shore Residences will offer 30,000s/f of exterior amenities, including a swimming pool, barbecue stations, rooftop deck and fire pits within heavily landscaped courtyards.

Located at 1700 Union Blvd., the property is a one-minute walk from the Long Island Railroad and is less than a one-hour train ride to Penn Station, providing direct access into Manhattan. B

The JLL Capital Markets team of Andrew Scandalios, Rob Hinckley, Jeffrey Julien and Nicco Lupo arranged the joint venture equity on behalf of TRITEC, while Michael Gigliotti, Geoff Goldstein, Kelly Gaines and Jackie Ferrer sourced the construction loan.

Andrew Scandalios

“This project is a unique opportunity to partner with one
of Long Island’s most prolific developers in a dynamic residential development with
scale in one of the nation’s highest barrier-to-entry markets,” Scandalios said.
“There is growing demand for Class-A multi-housing product in Long Island from young
professionals and new families seeking a transition to a more suburban
lifestyle, as well as from empty nesters downsizing from large single-family
homes to luxurious rental properties.”

“This is an exciting opportunity to
integrate a new mixed-use development in an area hungry for walkable
transit-oriented communities, and we are proud to be doing it with a group of
high caliber financial partners, including the team at JLL Capital
Markets.” said Bob Coughlan, Principal at TRITEC

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