A&E Real Estate Holdings closed on the $127.5 million purchase of a six-building Queens multifamily portfolio with a loan from Deutsche Bank, sources told The Real Deal.
Deutsche provided $65 million in long-term, fixed-rate debt for the acquisition of the 428-unit package, which sources said closed last week. TRD first reported in May that A&E was in contract to buy the 375,000-square-foot package, located in Elmhurst and Flushing, for $118.5 million. The closing price included multiple tax credits, bringing it to $127.5 million, according to sources.
The buildings were part of an eight-building portfolio that Treetop Development and the Weinroth family acquired in 2015 for $138.8 million. The addresses are 41-40 Denman Street in Elmhurst and 132-25 Maple Avenue, 132-48 41st Road, 132-45 Maple Avenue, 132-57 Sanford Avenue and 132-61 Sanford Avenue in Flushing. Treetop and Weinroth sold the other two to Joel Wiener’s Pinnacle Group for $58 million last year.
A&E, led by Douglas Eisenberg and John Arrillaga Jr., intends to hold the properties for roughly 20 or 30 years, sources said. The firm, which is one of the city’s largest multifamily owners, also picked up in the Stonehenge Village complex on the Upper West Side for $287 million in April.