November 5, 2019
Berkadia secured $120.78 million in financing secured for 711 Seagirt, a 917-unit high rise multifamily property at 711 Seagirt Ave. in Queens’ Far Rockaway neighborhood. Michael Shmuely of Berkadia’s New York office secured the permanent refinancing on behalf of the borrower, New Jersey-based Treetop Development.
The Freddie Mac loan, brokered by Meridian Capital Group’s Isaac Lifshitz and Thomas Wayda, features a 10-year term with five years interest-only. Along with the $120.78-million senior loan, the team also secured $25 million in preferred equity through entities affiliated with Pennybacker Capital.
“This deal represents exactly the type of financing Freddie Mac strives to provide,” said Shmuely. “The property is a well-located asset offering affordable rents, and the sponsors are long-term holders committed to improving the quality of life for their tenants via significant capital improvements. Treetop has now recapitalized the stack at historically low interest rates and is positioned for long-term success.
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