A big project in Bay Shore is coming together after $173 million in financing came through for Long Island developer Tritec Real Estate.
The developer secured a $113 million, four-year, floating rate construction loan from Santander Bank and Truist Financial Corporation. Another $55 million came in joint venture equity from institutional investors being guided by J.P. Morgan Asset Management, according to the Commercial Observer.
The project — known as Bay Shore Residences — is being built on more than 10 acres of land in Bay Shore on Long Island’s South Shore. The land once was the site of a Touro College campus.
Tritec is planning a two-phase build-out, which will cap the building at 418 total units. The units will consist of 334 market-rate units and 84 affordable housing units, for which Suffolk County provided $2.5 million through the Department of Economic Development and Planning. The county also passed a zoning change in September 2020 that allowed the project to progress.
The project is mixed-use and there will be close to 1,700 square feet for a food-and-beverage store. There will also be close to 630 parking spots on-site for residents of the building.
Plenty of space is also being put aside for amenities, both indoors and outdoors. Inside, there will be 17,500 square feet of space, including a game room, a fitness center, a coworking center and even a dog-washing station.
Another 30,000 square feet of amenities unfolds outside. They are set to include a rooftop deck, a pool, stations for barbecuing and having a picnic, as well as several fire pits.
Tritec is one of the busiest developers in the multifamily sector on Long Island. The company also developed the $750 million Ronkonkoma Hub project, a 53-acre development that saw its first tenants move in two years ago.
Read more
New York
Long Island Cheat Sheet: Tritec Real Estate ranked as the area's top developer, Versailles-inspired mansion in Old Brookville listed at $60M … & more
[CO] — Holden Walter-Warner