TRITEC Real Estate Company has secured $140 million to refinance its Long Island multifamily property, the Shoregate.
The 418-unit asset is relatively new to the Bay Shore market, with delivery happening in June 2024 and the property hitting 95 percent leased within the first six months of launch. The building stands four stories, consisting of 84 affordable units and the vast majority (334) of the rentals are designated at market rates.
The Shoregate features 1,650 square feet of retail space and 527 parking spots. Some specific amenities at the described luxury transit property include a pool, fitness center, bike storage, barbecue stations, outdoor firepits, courts for sports, indoor golf simulation and lounging spaces. The site at 143 4th Ave is just a 60-second walk away from the Bay Shore Long Island Railroad station, which can get residents to Manhattan's Grand Central or Penn Station areas in an hour.
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Truist Financial Corporation secured the funding, while JLL arranged the refinancing and represented TRITEC.
“Its unique combination of a prime location and access to public transportation makes the property stand out as a best-in-class asset, which resulted in significant interest from the lending community," Geoff Goldstein, one of the brokers that represented the developer, said in a statement, regarding the Shoregate property.
Also, according to JLL, the Shoregate was "recognized as the Top Transit-Oriented Development in the region." Also, the Bayshore market averages vacancy of just 4.6 percent, making it one of the tightest rates in the country, according to JLL.
TRITEC operates various other residential properties in Long Island, including in Ronkonkoma, Port Jefferson and Lindenhurst.
In the first quarter, multifamily dollar volume in New York City surged by 62 percent year-over-year to $2.21 billion, according to a report from Ariel Property Advisors. Also, transactions rose by five percent to 269. Free market assets stood out in the asset class, accounting for 88 percent of the total volume and 58 percent of the transactions.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
