**JLL Capital Markets Arranges $140M Refinance for Bay Shore’s Shoregate Residences**
JLL Capital Markets has successfully arranged $140 million in refinancing for The Shoregate, a newly constructed 418-unit multifamily development located at 143 4th Avenue in Bay Shore, New York. Positioned within Suffolk County on Long Island, The Shoregate represents a significant residential addition to the area.
The financing was secured through Truist Financial Corporation, which also provided the project’s original construction funding. The borrower—a partnership led by TRITEC Real Estate Company—was represented by a JLL team consisting of Kellogg Gaines, Geoff Goldstein, and Michael Gigliotti.
“Developed by one of Long Island’s most prolific developers and supported by one of the world’s leading financial institutions, The Shoregate represents a top-tier multifamily property in a submarket with high barriers to entry,” said Kellogg Gaines of JLL.
Completed in June 2024, The Shoregate consists of 334 market-rate and 84 affordable housing units. In addition to its residential offerings, the property includes 1,650 square feet of food-service retail space. The development boasts exceptional accessibility, located just a one-minute walk from the Bay Shore Long Island Rail Road station, providing direct train service to Penn Station and Grand Central Terminal within an hour.
The Shoregate stands as a key example of the ongoing revitalization and growth in Long Island’s residential market, offering a mix of affordability, amenities, and commuter convenience.
