At a glance
- Lightstone is buying the 15-story building at 323 W. 96th St. from Pinnacle Group for a reported $88 million.
- Loan amount, term and rate were not disclosed, so leverage against the $88 million price cannot be calculated.
- JLL senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1.
JLL Capital Markets arranged acquisition financing for Lightstone's purchase of a 174-unit Upper West Side rental, with MF1, a Berkshire Residential Investments subsidiary, as lender, Connect CRE reported on Oct. 26.
Lightstone is buying the 15-story building at 323 W. 96th St. from Pinnacle Group for a reported $88 million. Across 136,651 square feet and 174 units, that is about $644 a square foot and roughly $506,000 a unit. The property, built in 2004, sits between Riverside Park and West End Avenue.
Loan amount, term and rate were not disclosed, so leverage against the $88 million price cannot be calculated. For an allocator pricing New York multifamily debt, the trade gives a current basis for a 2004-built rental between Riverside Park and West End Avenue, financed at acquisition by a lender owned by Berkshire Residential Investments.
JLL senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1. Rotchford called the building "a well-located asset with strong existing demand, an experienced sponsor and a clear business plan for creating additional value." He added that lender appetite for high-quality multifamily remains significant in supply-constrained New York City neighborhoods.
Pinnacle Group is the seller. Private Real Estate Daily previously reported that Pinnacle lined up $40.2 million of financing for a Fort Lauderdale senior housing project in September, a different property type from this Upper West Side rental.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections