JLL Capital Markets recently announced that it has arranged $140M to refinance the Shoregate, a newly-built, 418-unit multi-housing development located at 143 4th Ave., in Bay Shore, New York.
JLL represented the borrower, owned by a partnership with TRITEC Real Estate Company, one of the region’s leading developers. The funding was secured by Truist Financial Corporation, which also provided the construction financing.
The Shoregate is a four-story luxury transit-oriented property featuring 334 market-rate and 84 affordable apartments, along with 1,650 square feet of food-service retail space. Residents have access to a host of top-of-the-line amenities, including a swimming pool and patio area, fitness center, outdoor barbecue stations, bike storage, a dedicated dog-washing area, outdoor firepits, a rooftop deck complete with lounging spaces, an indoor golf simulator and courts for bocce ball and pickleball. The property also offers residents 527 on-site parking spaces.
Located in one of Long Island’s most convenient and coveted locations, Shoregate is a one-minute walk from the Bay Shore Long Island Railroad station, which offers service to Penn Station and Grand Central Station in one hour. Shoregate is also a five-minute drive from the Fire Island Ferry, and offers quick access to Sunrise Highway, which connects Bay Shore to Brooklyn, Manhattan and other parts of Long Island, including the Hamptons.
A JLL team led by Kellogg Gaines, Geoff Goldstein and Michael Gigliotti represented the borrower.
“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.
Goldstein added, “Its unique combination of a prime location and access to public transportation makes the property stand out as a best-in-class asset, which resulted in significant interest from the lending community.”
The Shoregate is located within one of the tightest multifamily submarkets in the United States, with a market vacancy rate of 4.6%. Developed by TRITEC and completed in June 2024, the property reached 95% leased within six months of its launch. The Shoregate was recognized as the Top Transit-Oriented Development in the region.
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