JLL Capital Markets arranged $140 million to refinance the Shoregate, a newly-built, 418-unit multifamily development located at 143 4th Ave. in Bay Shore, NY, within Long Island’s Suffolk County. A JLL team led by Kellogg Gaines, Geoff Goldstein and Michael Gigliotti represented the borrower, owned by a partnership with TRITEC Real Estate Company. The funding was secured by Truist Financial Corporation, which also provided the construction financing.
“Developed by one of Long Island’s most prolific developers and one of the world’s leading financial institutions, the Shoregate represents a top multifamily property in a submarket with high barriers-to-entry,” said Gaines.
Completed in June 2024, The Shoregate features 334 market-rate and 84 affordable apartments, along with 1,650 square feet of food-service retail space. It’s a one-minute walk from the Bay Shore Long Island Rail Road station, which offers service to Penn Station and Grand Central Terminal in one hour.
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