JLL Capital Markets has arranged $55 million in joint-venture equity and $113 million in construction financing for the development of Bay Shore Residences, a 418-unit, wood-frame residential building with ground-floor retail in Bay Shore, Long Island.
JLL worked on behalf of the developer, TRITEC Real Estate Co. Inc., to arrange the joint-venture equity partnership with institutional investors advised by J.P. Morgan Asset Management. Additionally, working on behalf of the partnership, JLL arranged a four-year, floating-rate construction loan with Truist Financial Corp. and Santander Bank.
Bay Shore Residences is a ground-up development that will be constructed in two phases and will include 334 market-rate and 84 workforce housing apartments, in addition to 1,650 square feet of food-service retail. Units will have state-of-the-art appliances and finishes, including stone countertops, wood cabinets, vinyl wood flooring in living spaces, washer and dryer in each unit,
