Greystone Capital Advisors Secures Significant Loan for Station Yards
Greystone, a prominent name in national commercial real estate finance, has successfully arranged a remarkable $166.2 million Freddie Mac-backed permanent loan. This funding was secured on behalf of TRITEC Real Estate Company and The Olayan Group, aimed at refinancing The Core at Station Yards, a comprehensive mixed-use development featuring 388 residential units, office, and retail space.
Details of the Financing
The provided loan is structured as a 10-year, fixed-rate financial package, orchestrated by Greystone Capital Advisors and originated through Greystone Servicing Company LLC. This comes as part of a broader refinancing effort that previously included construction financing from ING.
Overview of The Core at Station Yards
Located adjacent to a key transit point, The Core is set to redefine the Station Yards area. Encompassing over 2 million square feet of transitory space, it introduces the essential first retail and office offerings in this strategic master development. The property boasts not only 388 Class A rental units but also roughly 83,500 square feet of commercial space alongside ample parking facilities for 1,229 vehicles.
A New Paradigm for Living and Working
The Core has quickly established itself as Long Island's prime live-work-play destination since its completion. It addresses critical housing demands within a constrained market while fostering a vibrant community atmosphere through local retail offerings and public spaces. This project acts as a catalyst for connectivity and community engagement, significantly benefiting both the immediate area and the broader Station Yards development.
Greystone's Role in the Transaction
Greystone Capital Advisors, led by industry veterans Drew Fletcher, Jesse Kopecky, and Bryan Grover, provided exclusive advisory services throughout this significant transaction. Fletcher shared his pride in collaborating with TRITEC and The Olayan Group, emphasizing the importance of The Core as a standout asset amidst Long Island's major developments.
Insights from Project Stakeholders
In a statement regarding the refinancing, Jimmy Coughlan, the Executive Vice President and Partner at TRITEC Real Estate Company, expressed satisfaction with the efforts made by Greystone to secure this funding, showcasing the inherent value and enduring demand for superior housing options in thoughtfully designed communities.
About Greystone Capital Advisors
Greystone is recognized as a leader in multifamily and healthcare lending. The company has built its reputation on a solid foundation of trust and performance, specializing in offering diverse loan products through its various affiliates. For further details about Greystone and its offerings, one can explore their website.
About TRITEC Real Estate Company
Founded in 1986, TRITEC Real Estate Company is committed to delivering high-quality projects with lasting value. Through its divisions, they excel in the complete spectrum of real estate — from development to asset management, establishing a robust presence in the commercial real estate sector.
Station Yards: A Transformative Development
Station Yards stands as a beacon of development in the area. As part of a larger vision, it will host 1,450 apartments alongside substantial retail and office spaces, ultimately generating thousands of job opportunities and new housing options centered around one of Suffolk County's busiest train stations.
Current State of Development
TRITEC's ongoing construction includes over 1,000 apartment homes and significant commercial space, reflecting the vibrant and ambitious nature of the entire Station Yards project.
Frequently Asked Questions
What is the amount of the loan secured by Greystone?
Greystone arranged a $166.2 million Freddie Mac-backed permanent loan.
Who are the main stakeholders involved in The Core at Station Yards?
The main stakeholders are Greystone, TRITEC Real Estate Company, and The Olayan Group.
What are the key features of The Core?
The Core features 388 Class A rental units, 83,500 square feet of office and retail space, and ample parking facilities.
What role did Greystone play in this financing?
Greystone acted as the exclusive advisor in arranging the financing for TRITEC and The Olayan Group.
What is TRITEC Real Estate Company's focus?
TRITEC focuses on delivering high-quality, value-driven real estate projects through comprehensive services in development and management.
