Real Estate Weekly
Image default
Debt & Equity

Tritec venture lands loan for Long Island office tower

Holliday Fenoglio Fowler secured a construction loan and preferred equity for the development of 3400 New Hyde Park Road, a to-be-built, 232,917 s/f Class A office building in Long Island’s North Hills.

HFF worked on behalf of the borrower, a partnership between TRITEC Real Estate Company and Castagna Realty Co.,  to secure the construction loan through U.S. Bank.

In addition, HFF secured additional capital for the borrower from iStar, Inc. in the form of partnership preferred equity.

The four-story building will be the headquarters for Dealertrack, a provider of integrated web-based tools, services and technologies for automotive retailers and lenders.

Spector Group and Combined Resources Consulting and Design, Inc. are designing the building with sustainable design elements.

Set for completion in 2017, 3400 New Hyde Park Road will be situated on 9.73 acres at the border of Queens and Nassau County near New York City.

The property will have surface parking spaces with a parking lot accessible via exit ramps from both the Long Island Expressway (LIE) and the Northern State Parkway.

The HFF team was led by managing director Michael Gigliotti and senior managing director Andrew Scandalios.

“The location in Nassau County must be considered among the best office locations on all of Long Island,” Gigliotti said.

“Direct access to both the LIE and the Northern State Parkway is unprecedented and was one of the main factors that drove the tenant and, ultimately, the lender to TRITEC and Castagna’s property.”

(Visited 1 times, 1 visits today)

Related posts

Bergman lands $30M loan for Giralda Farms acquisition

REW

Kriss Capital funds $32M loan for hotel to apartment conversion in Connecticut

REW

Last mile leader lands $127M loan deal on tri-state portfolio

REW