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

1700 Union Boulevard
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This Mixed-use property located in NY received a loan of $173,000,000 over 2 years ago. The brokers of the deal were Nicco Lupo, Rob Hinckley, Geoff Goldstein, Michael Gigliotti, Jeffrey (Jeff) Julien, Andrew Scandalios, and Jackie Ferrer

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:

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.

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Deals
  • Location
    1700 Union Blvd, Bay Shore, NY, USA1700 Union Blvd, Bay Shore, NY, USA
  • Loan Value
    $173,000,000$173,000,000
  • Asset Type
    Mixed-useMixed-use
  • Parties
    7 Brokers, 1 Agency7 Brokers, 1 Agency

Agents

Jackie Ferrer

Jackie Ferrer

Deals7
Financed$1B

Nicco Lupo

Nicco Lupo

Deals16
Financed$2.8B

Michael Gigliotti

Michael Gigliotti

Deals13
Financed$2.2B

Geoff Goldstein

Geoff Goldstein

Deals39
Financed$6B

Jeffrey (Jeff) Julien

Jeffrey (Jeff) Julien

Deals41
Financed$5.3B

Rob Hinckley

Rob Hinckley

Deals51
Financed$5.2B

Andrew Scandalios

Andrew Scandalios

Deals43
Financed$6.8B

Agency

JLL

JLL

Agency
Deals5590
Volume$332.6B

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Deal Summary

LOAN IMAGE: Kelly Gaines, Andrew Scandalios, Daniel Couglahn, Jeffrey Julien, Robert Coughlan, Michael Gigliotti, James Coughlan, Rob Hinckley & Geoff Goldstein DATE: 09/15/2021 ADDRESS: 1700 Union Blvd. MARKET: Bay Shore, LI ASSET TYPE: Mixed-use development LENDER: Truist Financial Corporation & @SantanderBankUS LANDLORD: TRITEC Real Estate Company Inc. (@TRITECRE) BROKERS: Andrew Scandalios, Rob Hinckley, Jeffrey Julien, Michael Gigliotti, Geoff Goldstein, Kelly Gaines, Jackie Ferrer & Nicco Lupo - @JLL Capital Markets LOAN AMOUNT: $173,000,000 LOAN TYPE: Construction Loan LOAN TERMS: 4-year, floating-rate NOTE: Bay Shore Residences is a new development that will include 334 market-rate units, 84 workforce housing units and 1,650 SF of retail. 17,500 SF space will be reserved for the interior amenity space that will include a fitness center, clubrooms/game-rooms, lounges, dog care facility, & a co-working center. In addition, 30,000SF of exterior amenities, including a swimming pool, barbecue stations, rooftop deck and fire pits will be on offer to residents.

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1700 Union Boulevard

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