Treetop secures $120.8m in refinancing for Queens apartment complex

Treetop Development has secured $120.8m in permanent refinancing for a 917-unit apartment building in the Far Rockaway neighborhood of Queens, New York. Berkadia sourced the funding through Freddie Mac with a 10-year term, five-year interest-only loan. Berkadia also arranged $25m in preferred equity through entities affiliated with Pennybacker Capital. The property falls under Freddie Mac’s “mission-driven” business, as 458 units are affordable to very-low-income tenants earning up to 50 percent of the area median income. Nearly 70 percent of the units are affordable to low-income residents with incomes of no more than 80 percent of AMI. Treetop Development bought the complex in 2017 for $135m from E&M Associates.