Legion Investment Group, working with SMA Equities as co-developer, has completed the recapitalization of three parcels on the Upper East Side, setting the stage for a new ground-up residential project. Demolition of the existing buildings on the assemblage is already in progress, clearing the site for redevelopment.
Legion Investment Group’s founder and CEO, Victor Sigoura, said the firm is closing on 201 E. 84th St., a corner assemblage that is planned as a new residential development on the Upper East Side. He noted that the team aims to carry forward the standard established by prior Legion projects at 1122 Madison Ave. and 109 E. 79th St., with the new property at 201 East 84th Street intended to reflect a similar level of quality and execution.
The site at Third Avenue and 84th Street is being positioned for an approximately 300,000-square-foot residential building. While detailed design, unit mix, and timeline information have not been disclosed, the project is framed as a large-scale multifamily development that will add substantial new residential space to this established neighborhood.
Walker & Dunlop Capital Markets Institutional Advisory advised Legion and SMA Equities on the transaction. The advisory team was led by Aaron Appel, Dustin Stolly, and Sean Bastian. Their mandate included arranging capital to support the acquisition of the 201 E. 84th St. corner assemblage and the broader recapitalization of the development site.
Legion and SMA acquired the 201 E. 84th St. assemblage with a $99 million acquisition loan. The financing was provided by BDT & MSD Partners and Deutsche Bank. The loan proceeds support both the purchase of the corner site and the execution of the development strategy centered on the planned 300,000-square-foot residential building.
The combination of a completed recapitalization, active demolition work, and a sizable senior loan underscores that the project has moved from concept into execution. However, the parties have not released additional financial terms, such as interest rate, loan structure, or total project capitalization, nor have they provided a projected completion date or specific leasing strategy for the residential property.
