Will Blodgett Of Tredway Secures $60.5M Loan From Michael Dury Of Merchants Capital For Multifamily Property

The asset involved in this transaction is a 602-unit multifamily property located at 125 Beach 17th Street in Far Rockaway, Queens. Tredway acquired the property for $88 million in May and subsequently secured a $60.5 million acquisition loan from Merchants Bank to finance the preservation and renovation of the building.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $60,500,000
• Asset Address: 125 Beach 17th Street
• Market: Far Rockaway
• Lender: Michael Dury - Merchants Capital
• Landlord: Will Blodgett - Tredway
• Loan Type: Acquisition
• Units: 602

Michael Dury from Merchants Capital served as the lender for this transaction, enabling Tredway to facilitate the renovation efforts. Will Blodgett, representing Tredway, plays a crucial role in managing the property and overseeing the planned improvements following the acquisition.