TODAY’S DEALS: TreeTop Development Enters Pennsylvania Market
TreeTop Development enters the Pennsylvania market with the purchase of a 70-unit asset; Ariel Property Advisors closes the sale of a development site in Manhattan; and KeyBank provides $28.6 million in Freddie Mac funding for assisted living refinances.
Chester, Pa.—TreeTop Development, an owner and manager of residential and commercial space in New York and New Jersey, is venturing into Pennsylvania with the acquisition of a 70-unit project-based Housing Assistance Payment contract on a community in Chester, Pa.
The Newark, N.J.-based company purchased Benjamin Banneker Plaza, a two-building Section 8 complex, from Apartment Investment and Management Company for an undisclosed amount.
“We utilize an aggressive strategy to purchase high-quality properties, institute improvement programs to bring them up to modern market standards and reintroduce them as affordable housing options,” says Adam Mermelstein, principal at TreeTop. “We’re now brining this proven formula for success to Pennsylvania and expect Benjamin Banneker Plaza to be a springboard to several additional acquisition opportunities.”
Ariel Property Advisors brokers sale of New York development site
New York—Ariel Property Advisors has purchased a development site at 446-48 West 167th street in Manhattan’s Washington Heights neighborhood for $1.7 million. The seller is BDN NY Management, the buyer is HAP Investments. The 6,600-square-foot lot has 26,089 buildable square feet for residential use.
“The sale of this site speaks to the renewed interest in residential development in Upper Manhattan,” says Victor Sozio of Ariel Property Advisors. “This is the 10th development property Ariel Property Advisors has put into Upper Manhattan since the beginning of 2011.”
KeyBank provides $28.6M in Freddie Mac funding for assisted living refis
Seattle, Wash.–KeyBank Real Estate Capital recently provided a total of $28.6 million in Freddie Mac funding to Emeritus for three seniors housing properties located in Ohio, Colorado and Kentucky.
Emeritus, Corp. is a publicly-traded, seniors housing owner/operator headquartered in Seattle, Wash. As of August 2011, the company had 485 communities under management representing capacity for over 50,000 residents in 44 states.
Key secured favorable loan terms because of their long-standing relationship with Freddie Mac. The transactions include:
-$14.2 million to refinance Emeritus at Pinnacle, a 106-unit Assisted Living and Alzheimer facility built in 2007 in Grove City, Ohio, located southwest of Columbus.
-$9.9 million to refinance Emeritus at Broadmoor, a 77-unit assisted living and Alzheimer facility built in 1996 in Colorado Springs, Colo.
-$4.5 million to refinance Emeritus at Stonecreek Lodge, a 79-unit assisted living facility built in 1997 in Louisville, Ky.
