Meridian Capital Group, America’s most active debt broker, negotiated $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, NY on behalf of Treetop Development.
The $118 million, 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 Vice Presidents, Isaac Lifshitz and Aggelos Sklavenitis, who are all located in the Company’s New York City headquarters.
The properties are located at 132-40 Sanford Avenue, 132-25 Maple Avenue, 132-45 Maple Avenue, 132-57 Sanford Avenue, 132-61 Sanford Avenue, 132-48 41st Road and 133-17 Sanford Avenue in Flushing as well as 41-40 Denman Street 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,” said Mr. 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,” he added.