Long Island residential project capitalized for $173M
JLL Capital Markets arranged JV equity and construction financing for TRITEC Real Estate Company, Inc. to develop Bay Shore Residences
NEW YORK, September 15, 2021 - JLL Capital Markets announced today that it has arranged $55 million in joint venture equity and $113 million in construction financing for the development of Bay Shore Residences, a 418-unit, wood-frame residential building with ground-floor retail in Bay Shore, Long Island.
JLL worked on behalf of the developer, TRITEC Real Estate Company, Inc, to arrange the joint venture equity partnership with institutional investors advised by J.P. Morgan Asset Management. Additionally, working on behalf of the partnership, JLL arranged a four-year, floating-rate construction loan with Truist Financial Corporation and Santander Bank.
Bay Shore Residences is a ground-up development that will be constructed in two phases and will include 334 market-rate and 84 workforce housing apartments in addition to 1,650 square feet of food-service retail. Units will have state-of-the-art appliances and finishes, including stone countertops, wood cabinets, vinyl wood flooring in living spaces, washer and dryer in each unit, ample storage, tile floors in bathrooms and approximately nine-foot ceilings.
The multi-housing property project will feature 17,500 square feet of interior amenity space that includes a fitness and aerobic center, clubrooms, lounges, dog wash station, game room and/or pool table room and a co-working / shared business center area. In addition, Bay Shore Residences will offer 30,000 square feet of exterior amenities, including a swimming pool, barbecue stations, rooftop deck and fire pits within heavily landscaped courtyards.
Located at 1700 Union Blvd., the highly accessible property is a one-minute walk from the Long Island Railroad and is less than a one-hour train ride to Penn Station, providing direct access into Manhattan. Bay Shore is accessible by road, rail and water and is home to a dynamic downtown that includes several bars, restaurants and retailers.
The JLL Capital Markets team of Andrew Scandalios, Rob Hinckley, Jeffrey Julien and Nicco Lupo arranged the joint venture equity on behalf of TRITEC, while Michael Gigliotti, Geoff Goldstein, Kelly Gaines and Jackie Ferrer sourced the construction loan.
“This project is a unique opportunity to partner with one of Long Island’s most prolific developers in a dynamic residential development with scale in one of the nation’s highest barrier-to-entry markets,” Scandalios said. “There is growing demand for Class-A multi-housing product in Long Island from young professionals and new families seeking a transition to a more suburban lifestyle, as well as from empty nesters downsizing from large single-family homes to luxurious rental properties.”
"This is an exciting opportunity to integrate a new mixed-use development in an area hungry for walkable transit-oriented communities, and we are proud to be doing it with a group of high caliber financial partners, including the team at JLL Capital Markets." said Bob Coughlan, Principal at TRITEC.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Founded in 1986 by brothers Robert J. and James L. Coughlan, TRITEC Real Estate Company is a real estate project delivery organization dedicated to delivering high quality, trustworthy performance and lasting value. TRITEC Real Estate Company—comprising TRITEC Development Group, LLC, TRITEC Building Company, Inc., TRITEC Asset Management, Inc. has established itself as a leader among commercial real estate companies, with a long history of successfully acquiring, developing, constructing, financing, leasing, and managing real estate projects in the New York and DC metro areas. For further information, visit tritecre.com.