Treetop Development Secures $120.8M Loan For Far Rockaway Multifamily

Treetop Development has closed on a multifamily property located at 711 Seagirt Avenue in the Far Rockaway market. The property consists of 917 units and was acquired with a loan amount of $120,780,000. The loan terms include a 10 year term with 5 years of interest-only payments and a 3.45% interest rate. berkadia''>Berkadia provided the financing for this transaction.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $120,780,000
• Address: 711 Seagirt Avenue
• Market: Far Rockaway
• Units: 917
• Loan Terms: 10 year term with 5 years IO, 3.45% rate
• Lender: Berkadia
• Landlord: Treetop Development
• Brokers: Isaac Lifshitz and Thomas Wayda @Meridian.Capital.Group

Adam Mermelstein, Azi Mandel, Isaac Lifshitz, and Michael Shmuely were involved in the transaction as representatives for their respective parties.