TRITEC Real Estate Company Secures $140 Million Refinance Loan From Truist Bank For Shoregate Multifamily
FINANCED
$140,000,000
New York
See Similar DealsMultiFamily398,489 SF
Financed
FINANCED
TRITEC Real Estate Company Secures $140 Million Refinance Loan From Truist Bank For Shoregate Multifamily
1700 Union Boulevard
See Similar DealsMultiFamily398,489 SF
Financed
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$351
Total Square Footage:398489 SF
Transaction Type:Loan
The asset involved in this transaction is a multifamily property located at 1700 Union Boulevard in Shoregate, Bay Shore, Long Island. The total square footage of the property is 398,489, comprising 418 units. The loan associated with this property was for a refinancing amount of $140,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $140,000,000
- Address: 1700 Union Boulevard - Shoregate
- Market: Bay Shore, Long Island
- Lender: Truist Bank
- Landlord: TRITEC Real Estate Company
- Broker Representatives: Geoff Goldstein, Kellogg Gaines & Michael Gigliotti - JLL
The deal was facilitated by the brokerage team of Geoff Goldstein, Kellogg Gaines, and Michael Gigliotti from JLL, highlighting their role in representing the parties involved in the transaction. This refinancing marks a significant financial move for TRITEC Real Estate Company, potentially enhancing their asset portfolio in the multifamily sector.
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LENDER
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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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