Greystone provides $203 million in financing for Long Island property
TRITEC Real Estate Co. refinanced Alston Station Square, a newly constructed six-building, 489-unit Class A multifamily property in Ronkonkoma, NY, with an investment of $203.1 million Freddie Mac Optigo loan provided by Gray stone.
The 10-year fixed rate loan refinances Bank of America’s original construction loan. 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 helped arrange the financing provided by Greystone Servicing through its agency lending team led by loan originator Dan Gillard.
Located at 1000 Mill Road, Alston Station Square is a luxury multi-family community and the first phase of the $750 million prime development The Hub at Ronkonkoma. TRITEC was selected by the City of Brookhaven in 2012 to lead the transformation of Ronkonkoma into a regional transportation hub for eastern Long Island. Alston Station Square is within walking distance of the Long Island Rail Road Ronkonkoma 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 green village, is expected to be completed in the summer of 2024. Once built, The Hub at Ronkonkoma will have 1,450 apartments and over 600,000 square feet of retail space.
Jim Coughlan, director of TRITEC, called the Alston Station Square refinancing deal a landmark transaction. He said in a prepared statement that Greystone and Freddie Mac have delivered creative and foundational execution for the first part of the multi-phase project that will transform downtown Ronkonkoma.
Alston Station Square has an occupancy rate of 92.4%, according to Yardi Matrix. Set on 10.1 acres, the property has a mix of studio, one-, two-, and three-bedroom floor plans ranging from 494 square feet for a studio and 728 square feet for the smaller one-bedroom unit. 1,551 square feet for the largest three-bedroom apartment. The asset also has 10 two-bedroom townhouses ranging from 1,817 square feet to 2,056 square feet.
Community facilities include a swimming pool, several lounges, courtyards, a clubhouse with community room, a business center and a fitness center. Covered parking is available at an additional cost. The property has nearly 500 parking spaces. Units have high end finishes as well as digital door locks and washers and dryers in all apartments. Some units have private balconies or patios.
Growth of Long Island
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 issued by True Financial Corp. and Santander Bank. JLL also raised $55 million in joint venture equity from institutional investors advised by JP Morgan Asset Management. The building, which will be developed in two phases, will have 84 social housing units and 334 apartments at market price. It will be located within walking distance of the Bay Shore train station
TRITEC has several other multi-family projects in various stages of development in other Long Island communities, including Hauppauge and Lindenhurst, NY, according to Yardi Matrix.