Tritec Refinances Bay Shore Property With $140M Loan

Tritec Real Estate is taking a victory lap on Long Island with a nine-figure debt package.

Truist Financial provided a $140 million loan for the 418-unit Shoregate property at 1700 Union Boulevard in Bay Shore, the Commercial Observer reported. It was the second time Truist dipped into the recently completed property, as it also worked with Santander Bank on a $113 million construction loan for the project; another $55 million came in joint venture equity from institutional investors.

The latest financing was arranged by JLL’s Kellogg Gaines, Geoff Goldstein and Michael Gigliotti.

The four-story asset features 334 market-rate apartments and 84 affordable units. Amenities include a pool with a patio, a fitness center, outdoor barbecue stations, a rooftop deck, an indoor golf simulator and pickleball courts. There’s also 1,600 square feet of retail space.

The project was completed a year ago. By the end of 2024, the development was already 95 percent leased, according to JLL.

The project was built on more than 10 acres of land on Long Island’s South Shore. The land was formerly the site of a Touro College campus. It’s located in one of the country’s tightest submarkets, according to JLL, with a vacancy rate of 4.6 percent.

Tritec did not return a request for comment on the refinancing from the publication.

Tritec is a major multifamily developer on Long Island. Its most notable project was the $750 million Ronkonkoma Hub, a 53-acre development.

Elsewhere in Bay Shore, Massachusetts-based NorthBridge Partners paid $105.7 million to purchase two industrial properties from the Rockefeller Group. NorthBridge acquired the 313,000-square-foot property at 145 Candlewood Road and the 247,000-square-foot property at 158 Candlewood Road towards the end of last year, respectively.

— Holden Walter-Warner