Construction loan and preferred equity arranged by HFF for development of Class A office building on Long Island
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a construction loan and preferred equity for the development of 3400 New Hyde Park Road, a to-be-built, 232,917-square-foot, Class A office building in Long Island’s North Hills, New York.
HFF worked on behalf of the borrower, a partnership between TRITEC Real Estate Company (TRITEC) and Castagna Realty Co., Inc. (Castagna), 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 many 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.”
About TRITEC Real Estate Company
Founded in 1986 by brothers Robert J. and James L. Coughlan, TRITEC Real Estate Company (TRITEC) is a real estate project delivery organization dedicated to delivering high quality, trustworthy performance and lasting value. TRITEC Real Estate Company – comprising TRITEC Development Group, LLC; TRITEC Building Company, Inc.; TRITEC Asset Management, Inc.; and TRITEC Capital, LLC – has established itself as a leader among New York commercial real estate companies, with a decades-long track record of successfully acquiring, developing, constructing, financing, leasing and managing real estate projects. For more information, please visit www.tritecre.com or follow TRITEC on Twitter at @TRITEC_RE.
About Castagna Realty Co., Inc.
Castagna Realty Co., Inc. is dedicated to being a leading diversified real estate company committed to the development and management of premier quality properties. Its mission is to identify and develop quality sites consistent with the company vision and heritage, from strategic development partnerships, attract like-minded investors and enhance the company’s 90-year reputation. Learn more at www.castagnarealty.com.
About iStar, Inc.
iStar, Inc. (iStar) (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The company is structured as a real estate investment trust (REIT), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on the company's website at www.istar.com.
About U.S. Bank
U.S. Bank Commercial Real Estate offers competitive loans and lines of credit to real estate developers/investors. Financing is available for the purpose of development/redevelopment and stabilizing projects of any size. Commercial Real Estate Statistics (as of September 30, 2015): Commitments: $37 billion; Loans: $24 billion; and Deposits: $7 billion.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.