Updated Oct 13, 2026
Five Star Bank Provides $49.5M Financing For 481-Unit Multifamily Property In Malta
1 Landau Boulevard, Malta, New York 12020, United States
$49,500,000
Units
481
Asset Type
MultiFamily
Closing
Sep 28, 2022
About this deal
AI
LeCesse Development has secured a $49,500,000 financing loan from Five Star Bank for a multifamily property located at 1 Landau Blvd. in Malta. The property consists of 481 units and is situated in a vibrant market.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $49,500,000
- Address: 1 Landau Blvd.
- Market: Malta
In this deal, LeCesse Development acted as the landlord of the property, securing the loan from Five Star Bank. The financing will facilitate the ongoing management and development of this multifamily asset.
On the Map
$49,500,000
MultiFamily
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Players
Ballston Spa MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93