133-17 Sanford Avenue, Flushing - Queens, NY

Ronnie Levine, Meridian

Queens, NY Meridian Capital Group negotiated $118 million in acquisition financing for the purchase of an eight-building, 608-unit multifamily portfolio located in the Flushing and Elmhurst areas on behalf of Treetop Development.

The $118 million, three-year financing package was provided by ACORE Capital and features a LIBOR-based floating-rate, full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian senior managing director, Ronnie Levine, and vice presidents, Isaac Lifshitz and Aggelos Sklavenitis, who are all located in the company’s New York City headquarters.

The properties are located at 132-40 Sanford Ave., 132-25 Maple Ave., 132-45 Maple Ave., 132-57 Sanford Ave., 132-61 Sanford Ave., 132-48 41^st Rd. and 133-17 Sanford Ave. in Flushing as well as 41-40 Denman St. in Elmhurst. The assets in the portfolio were constructed between 1951 and 1963 and total 546,169 s/f, which includes residential, garage, office and storage space. The properties feature security systems with video surveillance and laundry facilities in each building. Tenants of the portfolio benefit from a central location in the heart of Queens with exceptional access to dining, shopping and transportation options, including the 7 subway line and the Long Island Rail Road’s Port Washington line.

“Our client intends on proactively managing this portfolio through the close monitoring of leasing and expenses as well as an accretive building-wide renovation and capital improvement program,” said Levine. “They have successfully executed this strategy numerous times in the past and have a stellar track record for value creation at the asset level.”

Founded in 1991, Meridian Capital is one of America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2014, Meridian closed 3,480 loans totaling more than $30 billion in transaction volume with 175 unique lenders, equating to $120 million per business day. Since inception, the company has closed $200 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds.

Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. www.meridiancapital.com