JLL Capital Markets has successfully arranged a $140 million refinancing package for The Shoregate, a newly completed 418-unit multifamily development located at 143 4th Avenue in Bay Shore, New York. Situated in Suffolk County on Long Island, the project is a prominent addition to the region’s residential market.
The financing was secured by Truist Financial Corporation, which also provided the original construction loan. The refinancing transaction was led by a JLL team that included Kellogg Gaines, Geoff Goldstein, and Michael Gigliotti. The borrower is a partnership that includes TRITEC Real Estate Company, one of the area’s most active developers.
“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.
Completed in June 2024, The Shoregate comprises 334 market-rate units and 84 affordable apartments, along with 1,650 square feet of food-service retail space. The property boasts exceptional transit access, located just a one-minute walk from the Bay Shore Long Island Rail Road station, offering direct service to both Penn Station and Grand Central Terminal in approximately one hour.
