Greystone Provides $203M Financing for Long Island Property

Alston Station Square. Image courtesy of Greystone

TRITEC Real Estate Co. has refinanced Alston Station Square, a recently-built, six-building, 489-unit Class A multifamily property in Ronkonkoma, N.Y., with a $203.1 million Freddie Mac Optigo loan provided by Greystone.

The 10-year, fixed-rate loan refinances the original construction loan from Bank of America. The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch, Jesse Kopecky and Tori Colledge served as exclusive advisors on behalf of the sponsor. They also assisted in arranging the financing which was provided by Greystone Servicing through its agency lending team led by Dan Gillard, who originated the loan.

Located at 1000 Mill Road, Alston Station Square is a luxury multifamily community and the first phase of the $750 million The Hub at Ronkonkoma master-planned development. TRITEC was selected by the Town of Brookhaven in 2012 to lead the transformation of Ronkonkoma into a regional transportation center for eastern Long Island. Alston Station Square is within walking distance of the Long Island Rail Road Ronkonkoma train station.

In November, TRITEC held a groundbreaking ceremony for the $256 million second phase of the 53-acre project, which will add 388 apartments, 73,000 square feet of retail and 15,590 square feet of office space to the complex. Phase II, which will include a village green, is expected to be completed in summer 2024. When built out, The Hub at Ronkonkoma will have 1,450 apartments and more than 600,000 square feet of commercial space.

Jim Coughlan, principal of TRITEC, called the refinancing deal for Alston Station Square a milestone transaction. He said in a prepared statement Greystone and Freddie Mac delivered a creative and foundational execution for the first part of the multi-phase project that will transform downtown Ronkonkoma.

Property Details

Alston Station Square has occupancy of 92.4 percent, according to Yardi Matrix. Situated on 10.1 acres, the property has a mix of studio, one-, two- and three-bedroom floorplans ranging in size from 494 square feet for a studio and 728 square feet for the smallest one-bedroom unit to 1,551 square feet for the largest three-bedroom apartment. The asset also has 10 two-bedroom townhouse units that range from 1,817 square feet to 2,056 square feet.

Community amenities include a pool, multiple lounges, courtyards, clubhouse with community room, business center and fitness center. Covered parking is available for an additional fee. The property has nearly 500 parking spaces. Units have top-of-the-line finishes along with digital locks and washer and dryers in all apartments. Select units have private balconies or patios.

Long Island Growth

In September, TRITEC secured $173 million in financing for Bay Shore Residences, a 418-unit multifamily development in the town of Islip, also on Long Island. JLL Capital Markets arranged $113 million in construction financing through a four-year, floating-rate loan originated by Truist Financial Corp. and Santander Bank. JLL also secured $55 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. The property, which will be developed in two phases, will have 84 workforce housing units and 334 market-rate apartments. It will be located within walking distance of the Bay Shore train station

TRITEC has several other multifamily projects in various stages of development in other Long Island communities including Hauppauge and Lindenhurst, N.Y., according to Yardi Matrix.