FOR IMMEDIATE RELEASE
Meridian Capital Group Arranges $97.5 Million in Acquisition Financing for the Purchase of the Sandcastle Apartment Complex in Far Rockaway
December 11, 2017, New York, NY â€“ Meridian Capital Group, Americaâ€™s most active dealmaker, negotiated $97.5 million in acquisition financing for the purchase of a four-building multifamily apartment complex in the Far Rockaway area of Queens, NY on behalf of Treetop Development.
The five-year loan, provided by a regional balance sheet lender, features a rate of 3.625% and was negotiated by Meridian Managing Director, Scott Assouline, and Analyst, Isaac Lifshitz, who are both based in the companyâ€™s New York City headquarters.
Located at 711 Seagirt Avenue, the Sandcastle Apartments consist of four connected, income-restricted, 25-story mixed-use buildings that contain a total of 916 apartments, eight commercial spaces, and a parking garage. The residential units range from studio to two-bedroom apartments. Treetop Development plans to renovate approximately 175 to 200 units per year, featuring upgraded kitchens, bathrooms, and living areas. Over the course of the first two years of operations, improvements will also be made to the buildingsâ€™ common areas, roofs, windows, faÃ§ade, and courtyard.
Nestled on the sandy shores of the Atlantic Ocean, Far Rockaway is reachable from Manhattan in less than an hour by subway or bus, and has been a popular destination for tourists, surfers, beach goers, and New Yorkers alike since the 1920s. The neighborhood is eclectic, with residents from all different backgrounds along with a multitude of ethnic cuisine to match. Sandcastle Apartments is easily accessible to public transportation, with access to the A subway line, LIRR, and Q114 bus. Additionally, there is parking on site and ample street parking.
â€œTreetop Development is a proven value-add investor and will enhance this property significantly in the coming years,â€ said Mr. Assouline.
Founded in 1991, Meridian Capital Group is Americaâ€™s most active deal maker and one of the nationâ€™s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the worldâ€™s leading real estate investors and developers and the companyâ€™s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com