Treetop Development borrows $121M from Berkadia Commercial Mortgage for rental property in Far Rockaway

Treetop Development through the entity 711 Seagirt Avenue Holdings LLC as borrower signed a loan agreement with lender Berkadia Commercial Mortgage LLC valued at $120.8 million for 1 parcel, including the tax class D1 and containing 917 residential units at 711 Seagirt Avenue in Queens. The deal closed on October 23, 2019 and was recorded on October 31, 2019.
The property contains a total of 744,719 square feet of built space.
The average loan per unit is $131,712.
The loan was subsequently assigned to Freddie Mac. The last time the property sold was November 21, 2017, when Treetop bought it for $135,000,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,794,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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