TODAY'S DEALS: TreeTop Development Acquires Four NYC Properties
TreeTop Development acquires four properties in New York; PREI, Greystar announce a luxury development in Charleston, S.C.; and Meridian negotiates a financing for five multifamily properties in New York City.
New York—TreeTop Development, a Newark, N.J.-based real estate company, has purchased four properties in New York City with a combined 80 units. The portfolio was acquired in a joint venture partnership with New York-based Latus Partners LLC. The properties are located at 1917 7th Ave., 110 St. Nicolas Ave., 110 West 116th St., and 120 West 116th St.
All four properties are located near Morningside Park in close proximity to Columbia University and Central Park. TreeTop will institute a capital improvement program to renovate the buildings and bring the properties up to market standards by upgrading and renovating certain building systems.
“We were extremely attracted to these properties due to premium locations which show strong signs for continued upside, growth and gentrification,” says Adam Mermelstein, a principal at TreeTop. “We’ve initiated an aggressive plan over the past two years to grow our portfolio of homes by purchasing high quality properties in key markets in the New York metropolitan area and these properties fit perfectly in line with our investment strategy.”
PREI, Greystar JV announce South Carolina project
Charleston, S.C.—Prudential Real Estate Investors and Greystar have formed a joint venture to develop a 200-unit luxury mid-rise community in downtown Charleston, S.C. PREI is acting on behalf of German investors. Greystar will develop, construct and manage the property.
The mixed-use development is located at the southernmost corner of Meeting and Spring Streets. Upon completion, the project with offer 200 units of Class A residential housing atop 6,887 square feet of ground floor retail and two levels of podium housing. The unit mix will include studio, one- and two-bedroom apartments.
“The continued strength of multifamily properties amid the current economic environment, combined with the many attractions of downtown Charleston and the Upper King Street District provides a terrific opportunity for our clients,” says David Pahl, a managing director with PREI.
“The barriers to entry in the historic district of downtown Charleston couldn’t be any higher; this will be this first institutional-sized rental project to deliver downtown in well over 25 years,” says Bob Faith, founder and chief executive officer of Greystar.
Meridian negotiates financing for multifamily properties in New York City
New York — Meridian Capital Group LLC, a leading national commercial real estate finance and advisory firm, announced the following transactions:
-A new mortgage of $1,990,000 was placed by Meridian on an eight-unit, four-story multifamily building on Classon Avenue in Brooklyn, N.Y. The loan features a rate of 3.50 percent and a nine-year term. The transaction was negotiated by Morris Diamant and Jacob Rochlitz.
-A new mortgage of $4,800,000 was placed by Meridian on a 68-unit, six-story multifamily building on Bolton Street in the Bronx, N.Y. The loan features a rate of 3.50 percent and a seven-year term. The transaction was negotiated by Avi Weinstock.
Meridian negotiated a new mortgage in the amount of $2,000,000 on a seven-unit, four-story multifamily building on West 94th Street in New York. The loan features a rate of 3.88 percent and a 10-year term. The transaction was negotiated by Morris Diamant and Steven Ribiat.
-A new mortgage of $1,250,000 was placed by Meridian on a 10-unit, four-story multifamily building on West 89th Street in New York. The loan features a rate of 3.88 percent and a 10-year term. The transaction was negotiated by Scott Assouline.
-Meridian negotiated a new mortgage in the amount of $1,200,000 on an 18-unit, four–story multifamily building on 103rd Avenue in Jamaica, N.Y. The loan features a rate of 3.88 percent and a five-year term. The transaction was negotiated by Scott Assouline and Isaac Filler.
