The Real Deal New York

Treetop restructures debt on trio of Queens buildings with $55M loan

ACORE Capital provided the funding, which restructured previous mortgages
By Ben St. Clair | May 23, 2017 02:45PM

From left: Treetop’s Adam Mermelstein, 41-40 Denman Street, 132-57 Sanford Avenue, 132-25 Maple Avenue

Treetop Development TRData LogoTINY restructured its debt on three multifamily Queens buildings with a $54.7 million loan from ACORE Capital, documents filed with the city on Tuesday show.

The buildings at 41-40 Denman Street, 132-25 Maple Avenue, and 132-57 Stanford Avenue include 428 residential units spanning 359,828 residential square feet of space. In 2015, the properties grossed $3.3 million in net operating income, according to Department of Finance Records.

The New Jersey-based Treetop, which is led Adam Mermelstein and Azi Mandel, purchased the properties from Algin Management in December 2015 for a combined $107.6 million. Tuesday’s filing, dated March 30, consolidates and restructures two previous mortgages on the properties, including a loan with two other Sanford Avenue buildings the firm sold to Joel Weiner’s Pinnacle Group in April for $58 million.

In an email, a spokesperson for Treetop said the firm utilized the two-building sale to pay down a loan on the Flushing portfolio.

ACORE could not immediately be reached for comment.

In 2016, Treetop sold the 419-unit, mixed-use building at 62-60 99th Street in Rego Park for $135.5 million. The firm is also looking to spend $160 million in the South Bronx, developing two 12-story buildings in the Mott Haven neighborhood.

(To view more commercial sales transactions from Treetop Development, click here)