Queens Property Lands $121M Loan
- Nov 06, 2019
Treetop Development has obtained $120.8 million in financing for 711 Seagirt, a 917-unit high-rise apartment property in the Far Rockaway neighborhood of Queens, N.Y. Director Michael Shmuely of Berkadia secured the permanent refinancing, which was brokered by Isaac Lifshitz and Thomas Wayda of Meridian Capital Group.
The Freddie Mac senior loan features a 10-year term with five years of interest-only payments. In addition to the loan, the team also arranged $25 million in preferred equity through entities affiliated with Pennybacker Capital.
Located at 711 Seagirt Ave., the community was built in 1974 and is almost fully occupied, according to Yardi Matrix. Treatop Development acquired the asset from E&M Associates for $135 million in 2017, according to city property records. The four interconnected buildings of the property rise 23 stories, overlooking the Atlantic Ocean.
The new loan falls under Freddie Mac’s “mission-driven” business, as 458 units (40 percent of the property) are affordable to very-low-income tenants earning up to 50 percent of the area median income. Nearly 70 percent of the units are affordable to low-income residents with incomes of no more than 80 percent of AMI.
The community features studio, one- and two-bedroom units with stainless-steel appliances, walk-in closets and granite countertops. Community amenities include a doorman, laundry facilities and a fitness center.
In May, Xinyuan Real Estate received a $30 million loan for the redevelopment of the vacant RKO Keith Theater into a 269-unit condominium building in Flushing, Queens.