TRITEC Real Estate Secures $173M Construction Loan For Bay Shore Mixed-Use Development

A mixed-use development located at 1700 Union Blvd. in Bay Shore, LI has secured a construction loan. The loan, valued at $173,000,000, was provided by Truist Financial Corporation and Santander Bank US. The project, known as Bay Shore Residences, is being developed by TRITEC Real Estate Company Inc. It will encompass 334 market-rate units, 84 workforce housing units, and 1,650 SF of retail space. The development will also feature 17,500 SF of interior amenity space, including a fitness center, clubrooms/game-rooms, lounges, a dog care facility, and a co-working center. Additionally, residents will have access to 30,000 SF of exterior amenities, including a swimming pool, barbecue stations, rooftop deck, and fire pits.

Summary of transaction details:

• Property Type: Mixed-use development
• Transaction Amount: $173,000,000
• Address: 1700 Union Blvd., Bay Shore, LI
• Lender: Truist Financial Corporation and Santander Bank US
• Landlord: TRITEC Real Estate Company Inc.
• Brokers: Andrew Scandalios, Rob Hinckley, Jeffrey Julien, Michael Gigliotti, Geoff Goldstein, Kelly Gaines, Jackie Ferrer, and Nicco Lupo LL Capital Markets
• Loan Type: Construction Loan
• Loan Terms: 4-year, floating-rate

The individuals involved in the deal include Kelly Gaines, Andrew Scandalios, Daniel Couglahn, Jeffrey Julien, Robert Coughlan, Michael Gigliotti, James Coughlan, Rob Hinckley, and Geoff Goldstein. Their respective agencies were not mentioned in the provided information.