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

ACORE Capital provided the funding, which restructured previous mortgages

Treetop Development [TRDataCustom] 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.

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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)

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

ACORE Capital provided the funding, which restructured previous mortgages

Treetop Development [TRDataCustom] 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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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)