Legion Investment Group and SMA Equities acquire recapitalization of three parcels on Upper East Side
Manhattan, NY Legion Investment Group alongside SMA Equities as co-developer, have recapitalized three parcels on the Upper East Side. Demolition of the existing structures on the site is underway.
Advised by Walker & Dunlop Capital Markets Institutional Advisory, led by Aaron Appel, Dustin Stolly, and Sean Bastian, the firms acquired the 201 East 84th St. corner assemblage with a $99 million acquisition loan from BDT & MSD Partners and Deutsche Bank and are planning a 300,000 s/f residential building on 3rd Ave. and 84th St.
This project marks yet another development on the Upper East Side for Legion Investment Group, further expanding the firm’s presence across the borough’s residential neighborhoods.
“We’re closing on 201 East 84th St., a corner assemblage that will become a new residential development on the Upper East Side,” said Victor Sigoura, founder and CEO of Legion Investment Group. “Our goal is to build on the legacy of 1122 Madison Ave. and 109 East 79th St. and bring our standard of quality and excellence in development to 201 East 84th St.”
David Moussazadeh, Franics Moesinia and Samy Mahfar acquired a key portion of the assemblage in 2007. “We are pleased to be partnering with Victor and the Legion team to bring this exceptional site to life. After David and I spent almost 20 years assembling the property, it is especially rewarding to see the project move forward with a partner who shares our vision for its potential,” said Samy Mahfar.
“Corner sites of this scale on the Upper East Side are exceptionally rare — we were glad to structure the acquisition financing alongside Deutsche Bank to help Legion and SMA move quickly,” said Jason Kollander, partner and head of real estate credit at BDT & MSD Partners.
“Legion has a proven track record of delivering successful developments on the Upper East Side, and we’re excited to support Victor and his team as they bring that same execution to 201 East 84th St.,” said Ben Schwartz, principal at BDT & MSD Partners.