Truist Provides $140M Refi for Long Island Apartments

Tritec Real Estate has landed a $140 million loan to refinance a newly built multifamily asset on Long Island, Commercial Observer has learned.

Truist Financial provided the loan for the developer’s 418-unit Shoregate property in Bay Shore, N.Y. The lender also led a $113 million, four-year, floating-rate construction loan with Santander Bank for the project that sits on a 10-acre site formerly occupied by Touro College.

JLL arranged the transaction with a capital markets team consisting of Kellogg Gaines, Geoff Goldstein and Michael Gigliotti. 

“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,” Goldstein said in a statement. 

Located at 1700 Union Boulevard, the four-story  transit-oriented property comprises 334 market-rate and 84 apartments designated as affordable along with 1,650 square feet of restaurant retail space. Community amenities include a pool with patio area, a fitness center, outdoor barbecue stations, a rooftop deck, an indoor golf simulator and pickleball courts. 

“We’re proud to support transformative projects like The Shoregate that align with our purpose to inspire and build better lives and communities,” Joe Pella, head of national real estate at Truist, said in a statement. “This reflects our broader commitment to strengthen communities through financing solutions that foster growth, opportunity, and long-term impact.”

JLL noted that the development is in one of the tightest submarkets in the U.S. within the Town of Islip in Suffolk County, with a market vacancy rate of 4.6 percent. The project was completed in June 2024 and reached a 95 percent leasing rate by the end of the year, according to JLL. 

Officials at Tritec did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com