The Real Deal New York

Triangle Equities gets JV equity, construction loan for Lighthouse Point

Developer partnering with Philly-based Lubert-Adler on Staten Island project's first phase
February 02, 2016 03:00PM

Triangle Equities’ Lighthouse Point residential and commercial development in Staten Island has received an injection of joint venture equity from Lubert-Adler Partners as well as construction financing from Citizens Bank.

Philadelphia-based Lubert-Adler contributed a majority interest of the equity required for Lighthouse Point’s $95 million first phase, which will include a 13-story, 116-unit residential tower; a 59,700-square-foot commercial building; a 274-space underground parking garage; and a one-acre Public Plaza.

An HFF team led by Andrew Scandalios, Rob Hinckley and Geoff Goldstein brokered both the equity deal and the construction financing on behalf of Whitestone, Queens-based Triangle Equities.

The $200 million, multi-phased development is located on the St. George waterfront adjacent to the Staten Island Ferry Terminal. The project’s second phase, which is not a part of the equity and construction financing transaction, will include a new 175-key hotel and the rehabilitation of four buildings formerly part of the historic U.S. Lighthouse Depot Complex.

In a statement announcing the deal, HFF’s Scandalios said Lighthouse Point will feature alongside the New York Wheel and BFC Partners’ Empire Outlets retail project to “support the creation of a New York destination.” – Rey Mashayekhi