TRITEC Secures $203M Loan For Long Island Multifamily
The Freddie Mac Optigo loan will refinance the original construction loan for a 489-unit, luxury community within the master-planned development, The Hub at Ronkonkoma.
LONG ISLAND, NY – Greystone has provided a $203.1 million Freddie Mac Optigo loan to a TRITEC Real Estate Co. affiliate for a recently-built, 489-unit, class A apartment complex on Long Island, NY.
The 10-year, fixed-rate loan will refinance the original construction loan from Bank of America.
The four-story, six-building, market-rate rental apartment community, Alston Station Square, is located at 1000 Mill Rd. in Ronkonkoma, NY, which is situated in the Town of Brookhaven in Suffolk County, Long Island.
The luxury property features a pool, multiple lounges, courtyards, a fitness center and top-of-the-line unit finishes.
Alston Station Square serves as the first phase of the more than two-million-square-foot master-planned development, The Hub at Ronkonkoma. In 2012, the Town of Brookhaven retained TRITEC to lead the master plan transformation of Ronkonkoma into a regional transportation center for eastern Long Island.
The property is situated within walking distance of the Long Island Railroad Ronkonkoma train station.
“TRITEC is excited to have worked with Greystone and Freddie Mac on this milestone transaction,” states Jim Coughlan, principal of TRITEC. “Greystone and Freddie Mac delivered a creative and foundational execution for the first of this multi-phase project to transform downtown Ronkonkoma.”
Greystone capital advisors served as exclusive advisors on behalf of the sponsor and assisted in arranging the financing, which was provided by Greystone servicing’s agency lending team. The Greystone capital advisors team was led by Drew Fletcher, Matthew Hirsch, Jesse Kopecky and Tori Colledge. Greystone servicing’s agency lending team was led by Dan Gillard, who originated the loan.
“We are thrilled to have worked with TRITEC as they complete stabilization of this critical first phase of The Hub in Ronkonkoma,” says Fletcher, president of Greystone capital advisors. “This financing is proof of their vision for the project to develop distinctive properties that create enduring value and enhance the neighborhoods in which they are located.”