Greystone 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.”