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45 Sullivan Lane

Updated Aug 12, 2026

Treetop Companies Secures $21 Million Bridge Loan For Distribution Center In Middletown
FINANCEDDistribution Center

Treetop Companies Secures $21 Million Bridge Loan For Distribution Center In Middletown

45 Sullivan Lane

$21,000,000

$15/SF

Building Size

1,358,000 SF

Asset Type

Distribution Center

Closing

Jul 29, 2026

About this deal

AI

The property involved in this transaction is fully entitled land designated for a distribution center, located at 45 Sullivan Lane in Middletown. The asset comprises a total square footage of 1,358,000 and is associated with a loan amount of $21,000,000 utilizing a bridge loan type.

Summary of transaction details:

This transaction has key participation from Nir Mor, Isaac Abraham, and Rami BenYehuda who represent Hanover CapitalNY as the lender. The borrowing entity, Treetop Companies, is represented by Adam Mermelstein and Azi Mandel, highlighting the distinct roles of the involved parties in securing the loan for this project.

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$21,000,000

$15/SF

Distribution Center

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Players

Andrew Liebhard

Meridian Capital Group

Broker

$153.9M

vol

5 deals

Broker
Hanover Capital
Hanover Capital Brokerage
Azi Mandel

Azi Mandel

Treetop Companies

Buyer

$326.5M

vol

8 deals

Buyer
Nir Mor

Nir Mor

Hanover Capital NY

Lender

$215.2M

vol

23 deals

Lender
Bilt advertisement

Middletown Distribution Center Market Snapshot

Boundary boundary · Distribution Center · Loan transactions

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Deal FAQ

About $15 per square foot on a published $21M for 1,358,000 square feet (2026).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.76%

Cash-on-Cash

-0.22%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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