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Legion Investment Group and SMA Equities secure $99M for UES project
The 37-story development at 1491 to 1497 Third Avenue on Manhattan’s Upper East Side received a $99.0 million construction loan, with BDT & MSD Partners and Deutsche Bank among the lenders.
Legion Investment Group and SMA Equities have teamed up on a 300,000-square-foot residential development on Manhattan’s Upper East Side, securing a $99 million construction loan for the project, Commercial Observer reports. The 37-story development is planned for 1491 to 1497 Third Avenue.
BDT & MSD Partners and Deutsche Bank provided the construction financing, while a Walker & Dunlop team led by Aaron Appel and Dustin Stolly, among others, arranged the deal, according to Commercial Observer. Appel said in a statement that the partnership helped arrange financing to facilitate the acquisition of the Upper East Side condominium development site.
Commercial Observer also said the site assemblage at the corner of East 84th Street and Third Avenue has been nearly 20 years in the making. It noted that SMA Equities founder Samy Mahfar’s company first purchased the corner lot at 1491 to 1493 Third Avenue in 2007, paying $33.8 million for the historic commercial building.