Meridian Capital Group
News:
Brokerage
Posted: January 9, 2018
Assouline and Lifshitz of Meridian secure $97.5 million acquisition financing on behalf of Treetop Development for Sandcastle Apartments
Queens, NY Meridian Capital Group negotiated $97.5 million in acquisition financing for the purchase of a four-building multifamily apartment complex in the Far Rockaway area on behalf of Treetop Development.
Meridian Capital Group
Meridian Capital Group
The five-year loan, provided by a regional balance sheet lender, features a rate of 3.625% and was negotiated by Meridian managing director, Scott Assouline, and analyst, Isaac Lifshitz.
Located at 711 Seagirt Ave., the Sandcastle Apartments consist of four connected, income-restricted, 25-story mixed-use buildings that contain a total of 916 apartments, eight commercial spaces, and a parking garage. The residential units range from studio to two-bedroom apartments. Treetop plans to renovate 175 to 200 units per year, upgrading kitchens, bathrooms, and living areas.
Over the course of the first two years of operations, improvements will also be made to the buildings’ common areas, roofs, windows, façade, and courtyard.
Nestled on the sandy shores of the Atlantic Ocean, Far Rockaway is reachable from Manhattan in less than an hour by subway or bus, and has been a popular destination for tourists, surfers, beach goers, and New Yorkers alike since the 1920s. The neighborhood is eclectic, with residents from all different backgrounds along with a multitude of ethnic cuisine to match. Sandcastle Apartments is easily accessible to public transportation, with access to the A subway line, LIRR, and Q114 bus. Additionally, there is parking on site and ample street parking.
“Treetop Development is a proven value-add investor and will enhance this property significantly in the coming years,” said Assouline.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Quick Hits
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
