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Treetop Nabs Funds for MF Portfolio Buy

NEW YORK CITY—The developer is picking up properties in two burgeoning areas of Queens.

By Rayna Katz | raynakatz | | Updated on February 12, 2016

133-17 Sanford Ave. NEW YORK CITY— Treetop Development has secured $118 million in acquisition financing for the purchase of an eight-building, 608-unit multifamily portfolio located in the Flushing and Elmhurst areas of Queens. The three-year financing package was provided by ACORE Capital and features a LIBOR-based floating-rate, full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian Capital Group senior managing director Ronnie Levine and VPs Isaac Lifshitz and Aggelos Sklavenitis , who are all based here. The properties are located at 132-40 Sanford Ave., 132-25 Maple Ave., 132-45 Maple Ave., 132-57 Sanford Ave., 132-61 Sanford Ave., 132-48 41 st Rd. and 133-17 Sanford Ave. in Flushing as well as 41-40 Denman St. in Elmhurst. The assets in the portfolio were constructed between 1951 and 1963 and total 546,169 square feet, which includes residential, garage, office and storage space. The properties feature security systems with video surveillance and laundry facilities in each building. Tenants of the portfolio benefit from a central location in the heart of Queens with exceptional access to dining, shopping and transportation options, including the 7 subway line and the Long Island Rail Road’s Port Washington line. “Our client intends on proactively managing this portfolio through the close monitoring of leasing and expenses as well as an accretive building-wide renovation and capital improvement program,” says Levine. “They have successfully executed this strategy numerous times in the past and have a stellar track record for value creation at the asset level.”

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