Greystone Refinances LI Luxury Apartments With $203M Freddie Mac Loan
TRITEC Real Estate Company has secured $203.1 million of Freddie Mac-backed debt to refinance a new multifamily community on Long Island, Commercial Observer can first report.
Greystone supplied the loan for TRITEC’s Alston Station project, a recently built 489-unit market-rate rental apartment complex in Ronkonkoma, N.Y. The 10-year, fixed-rate debt package, which was originated by Greystone’s Dan Gillard, refinances previous construction financing from Bank of America.
A Greystone Capital Advisors team of Drew Fletcher, Matthew Hirsch, Jesse Kopecky and Tori Colledge served as exclusive advisers to TRITEC, and assisted in arranging the financing.
“We are thrilled to have worked with TRITEC as they complete stabilization of this critical first phase of The Hub in Ronkonkoma,” Fletcher, the president of Greystone Capital Advisors, said in a statement. “This financing is proof of their vision for the project to develop distinctive properties that create enduring value and enhance the neighborhoods in which they are located.”
Located at 1000 Mill Road, Alston Station is the first phase of The Hub at Ronkonkoma master development, a more than 2 million-square-foot public-private partnership that the Town of Brookhaven awarded to TRITEC in 2012. The six-building luxury multifamily complex, which is within walking distance of the Ronkonkoma Long Island Railroad train station, has amenities that include pool, multiple lounges, courtyards and fitness center.
“Greystone and Freddie Mac delivered a creative and foundational execution for the first of this multi-phase project to transform downtown Ronkonkoma,” Jim Coughlan, principal of TRITEC, said in a statement.
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