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Truist Financial Provides $140 Million Refinance For Shoregate Multifamily Project In Bay Shore
FINANCED
$140,000,000
New York
See Similar DealsMultiFamily
Financed 07/08/2025
FINANCED
Truist Financial Provides $140 Million Refinance For Shoregate Multifamily Project In Bay Shore
143 4th Avenue
See Similar DealsMultiFamily
Financed 07/08/2025
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in this transaction is a 418-unit multifamily property located at 143 4th Avenue in the Bay Shore market. The property was developed by TRITEC Real Estate and has been refinanced for $140,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $140,000,000
- Lender: Truist Financial
- Landlord: Robert J. Coughlan, James L. Coughlan & Daniel P. Coughlan - TRITEC Real Estate
- Loan Type: Refinance
The refinancing deal was secured by JLL Capital Markets, emphasizing their role in facilitating financial arrangements for multifamily projects like Shoregate. The transaction reflects the confidence in the multifamily segment within the Bay Shore market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$140,000,000.00
Monthly NOI$933,333.33
Monthly Debt Service$884,895.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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