Sunday, February 7, 2016

HFF arranges construction loan and preferred equity for development of Class A office building on Long Island, NY

Rendering of planned 3400 New Hyde Park Road Office Building,
North Hills Neighborhood, Long Island, NY

Michael Gigliotti
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced 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.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

 TRITEC on Twitter at @TRITEC_RE

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