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JLL Arranges $140M Refi on Bay Shore Multifamily

JLL Capital Markets arranged $140 million to refinance the Shoregate, a newly-built, 418-unit multifamily development located at 143 4th Ave. in Bay Shore, NY, within Long Island’s Suffolk County. A JLL team led by Kellogg Gaines, Geoff Goldstein and Michael Gigliotti represented the borrower, owned by a partnership with TRITEC Real Estate Company. The funding was secured by Truist Financial Corporation, which also provided the construction financing.

“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 features 334 market-rate and 84 affordable apartments, along with 1,650 square feet of food-service retail space. It’s a one-minute walk from the Bay Shore Long Island Rail Road station, which offers service to Penn Station and Grand Central Terminal in one hour.

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JLL's Gaines

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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