Long Island Mixed-Use Project Obtains $166M Refi
The property includes 388 residential units.
TRITEC Real Estate Co. and The Olayan Group have obtained $166.2 million to refinance The Core at Station Yards, a mixed-use complex in Ronkonkoma, N.Y., on Long Island that was completed in 2024. The 388-unit property, which is part of a longer-term master-planned development called Station Yards, also includes 83,500 square feet of office and retail space.
Real estate financial specialist Greystone Capital Advisors facilitated the 10-year, Freddie Mac-backed permanent loan, which was originated by Greystone Servicing Co. The loan refinances a construction loan provided by ING. Greystone ‘s Drew Fletcher, Jesse Kopecky and Bryan Grover worked on the transaction.
Located at 3 Hawkins Ave., The Core counts as transit-oriented since it is adjacent to the Ronkonkoma Long Island Rail Road terminal. The development includes the latest residential component of the overall Station Yards development, plans for which call for an eventual total of 1,450 apartments, 195,000 square feet of retail space and 360,000 square feet of office space.
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The Core includes such common-area amenities as a resort-style pool, club room, coworking space with private offices and a chef kitchen and bar. The property has a fitness center, business lounge with coffee station and grill stations with fire pits.
So far at Station Yards, TRITEC has commenced or already completed 1,054 apartment units, about 68,400 square feet of retail space and 16,500 square feet of office. The developer has also finished a public plaza for the property.
Ronkonkoma is a census-designated place in Suffolk County with a population of about 18,300. It is the terminus of the Ronkonkoma Branch of the Long Island Rail Road, connecting directly to Penn Station in Manhattan.
The developer is active in other parts of Long Island as well. Earlier this summer, the company secured a $140 million refinancing loan for Shoregate, a 418-unit apartment community in Bay Shore, N.Y. Truist Financial Corp. issued the note and JLL worked on behalf of the borrower in that deal.
