search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boom“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords
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

Lighthouse Point Staten Island
Rendering of Lighthouse Point on Staten Island (credit: Cooper Carry)

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.

Sign Up for the undefined Newsletter

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

Tags
Andrew ScandaliosHffLighthouse PointTriangle Equities