The Sandcastle Apartments complex in Far Rockaway features 916 units. The Sandcastle Apartments complex in Far Rockaway features 916 units.

NEW YORK CITY—Treetop Development has secured $97.5 million in acquisition financing for its recent purchase of a 916-unit apartment complex in Far Rockaway, Queens.

The mortgage financing deal, arranged by Meridian Capital Group, is in connection with its reported $138-million purchase of the Sandcastle Apartments complex at 71 Seagirt Ave. Teaneck, NJ-based Treetop Development acquired the income-restricted complex from E&M Associates for $135 million late last month. Signature Bank provided the acquisition financing, according to a report in the Real Deal.

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