TRITEC Real Estate Secures $173M Construction Loan For Bay Shore Mixed-Use Development
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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
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- Location1700 Union Blvd, Bay Shore, NY, USA
- Loan Value$173,000,000
- Asset TypeMixed-use
- Parties7 Brokers, 1 Agency
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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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