NEW YORK, Feb. 02, 2022 (GLOBE NEWSWIRE) — Greystone, a private national commercial real estate finance company, announced it provided a $203,143,000 Freddie Mac Optigo® loan made to an affiliate of TRITEC Real Estate Company for the Alston Station Square, a recently-built, six-building, 489-unit Class A market-rate rental apartment complex located at 1000 Mill Road in Ronkonkoma, New York, which is situated in the Town of Brookhaven in Suffolk County, Long Island. The new 10-year, fixed-rate Freddie Mac loan refinances the original construction loan from Bank of America. The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch, Jesse Kopecky, and Tori Colledge served as exclusive advisors on behalf of the Sponsor and assisted in arranging the financing which was provided by Greystone Servicing through its Agency lending team, led by Dan Gillard who originated the loan from Greystone Servicing.
Alston is the first phase of The Hub at Ronkonkoma Master Development, a 2+ million square foot master plan that the Town of Brookhaven awarded to TRITEC in 2012 to lead the transformation of Ronkonkoma as a regional transportation center for eastern Long Island. The Property is a newly constructed four-story luxury multifamily complex within walking distance of the Long Island Railroad Ronkonkoma train station.
Alston incorporates a comprehensive suite of amenities exceeding all comparable assets in the surrounding market of Long Island and on-par with newly constructed luxury residences in the greater New York metro area. Community amenities include a pool, multiple lounges, courtyards, and a fitness center with units featuring top of the line finishes.
“TRITEC is excited to have worked with Greystone and Freddie Mac on this milestone transaction,” said Jim Coughlan, Principal of TRITEC. “Greystone and Freddie Mac delivered a creative and foundational execution for the first of this multi-phase project to transform downtown Ronkonkoma.”
“We are thrilled to have worked with TRITEC as they complete stabilization of this critical first phase of The Hub in Ronkonkoma,” said Drew Fletcher, President, Greystone Capital Advisors. “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.”
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare lending, having ranked as a top FHA, Freddie Mac, and Fannie Mae lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
Founded in 1986 by brothers Robert J. and James L. Coughlan, TRITEC Real Estate Company is a real estate project delivery organization dedicated to delivering high quality, trustworthy performance and lasting value. TRITEC Real Estate Company—comprising TRITEC Development Group, LLC, TRITEC Building Company, Inc., and TRITEC Asset Management, Inc.—has established itself as a leader among commercial real estate companies, with a long history of successfully acquiring, developing, constructing, financing, leasing, and managing real estate projects in the New York and DC metro areas. TRITEC has constructed more than 15 million square feet of office, residential, industrial, medical, retail, and hospitality space and has arranged institutional equity partnerships to develop projects in the last several years totaling billions of dollars. For more information, please visit tritecre.com or find us on Linkedin.