Luxury Long Island Community Lands $140M Refi

TRITEC Real Estate Co. has secured a $140 million refinancing loan for Shoregate, a 418-unit luxury community in Bay Shore, N.Y. Truist Financial Corp. issued the note. JLL worked on behalf of the borrower.

Developed by TRITEC, Shoregate came online last year in June, at 1700 Union Blvd. Truist Financial Corp. and Santander Bank originated a $113 million, four-year, floating-rate construction loan in 2021 for the project.

Situated on a 10-acre site, the four-story community consists of units with studio, one-, two- and three-bedroom layouts ranging from 540 to 1,346 square feet, according to Yardi Matrix information. Out of the total, 334 are market rate, while 84 are designated as affordable.

Shared amenities include 1,650 square feet of food-service retail space, a swimming pool, fitness center, rooftop deck and grade-level parking with 527 spots. The property reached a 95 percent occupancy rate within six months of opening.

Multifamily occupancy on Long Island

The community is near the Bay Shore Long Island Railroad station, which connects the property to Penn Station and Grand Central station, some 50 miles west.

The Long Island multifamily market is one of the tightest in the country, with occupancy rates clocking in at 95.4 percent in April, JLL data shows. Meanwhile, the national occupancy rate dropped 30 basis points year-over-year to 94.4 percent, the lowest level since 2013, according to the latest Yardi Matrix multifamily report.

JLL Senior Managing Director Kellogg Gaines, Managing Director Geoff Goldstein and Co-head of the New York capital market office Michael Gigliotti arranged the deal on behalf of the borrower. Earlier this month, Goldstein was also part of the team arranging another substantial refinancing for a luxury residential property—that time in Manhattan. Rockrose Development secured a 10-year, $80 million note from AXA IM Alts for 110 Horatio St., a 152-unit community.