Legion and SMA team up for Upper East Side apartment project
Legion Investment Group and SMA Equities are partnering to develop a 300,000-square-foot residential building at East 84th Street and Third Avenue. The project secured a $99 million loan from BDT & MSD Partners and Deutsche Bank, arranged by a Walker & Dunlop team.
Legion Investment Group and SMA Equities are partnering on a residential development on the Upper East Side. The building is planned for East 84th Street and Third Avenue and is set to span 300,000 square feet.
The project has secured a $99 million loan. BDT & MSD Partners and Deutsche Bank provided the financing, while a Walker & Dunlop team arranged it. The deal brings the two firms together with lenders for a sizable apartment project.
The development could affect future residents, nearby businesses, and existing neighbors. Adding 300,000 square feet of residential space may expand housing options in a high-demand area, though the actual affordability and unit mix are not specified. Construction may bring temporary jobs and local spending, while also creating noise, traffic, and disruption. The financing structure may signal continued lender interest in large Upper East Side projects, potentially influencing how similar sites are viewed by developers and investors.