Treetop gets $76M loan for Bronx multifamily complex

Morris Heights property has over 380 units

New York /
Mar.March 28, 2019 05:30 PM

Azi Mandel and Adam Mermelstein, Treetop Development’s management with 1600 Sedwick Avenue

Adam Mermelstein and Azi Mandel’s Treetop Development has scored a $75.9 million loan for one of its Bronx affordable housing complexes.

Wells Fargo provided the Freddie Mac mortgage for the Teaneck, New Jersey-based firm’s property at 1600 Sedgwick Avenue, known as the Riverview Apartments, according to documents filed Thursday with the city.

Wells Fargo declined to comment and Treetop did not respond to requests for comment.

Treetop is the property’s beneficial owner, and the non-profit NYC Housing Partnership is its sponsor. It was not immediately clear whether Treetop has additional partners.

The building, located in the Morris Heights section of the Bronx near the Major Deegan Expressway, has 383 affordable units and stands 25 stories tall.

Elsewhere around the city, Treetop and the Weinroth family last year sold six multifamily buildings in Queens to A&E Real Estate Holdings for $127.5 million.


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
City Council Majority Leader Laurie Cumbo and 840 Atlantic Avenue (Getty, Google Maps)
Atlantic Avenue project gets haircut — and is rejected anyway
Atlantic Avenue project gets haircut — and is rejected anyway
Opendoor CEO Eric Wu (iStock)
Opendoor revenue bounces back in Q1
Opendoor revenue bounces back in Q1
Joan Rivers and 1 East 62nd Street (Getty, Sotheby's)
Joan Rivers’ longtime UES penthouse hits the market for $38M
Joan Rivers’ longtime UES penthouse hits the market for $38M
Clockwise from top left: Scott Stringer, Maya Wiley, Raymond McGuire, Andrew Yang and Shaun Donovan (Getty)
What do Brooklyn homes cost? Don’t ask these candidates
What do Brooklyn homes cost? Don’t ask these candidates
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...