Luxstone Partners Secures $13,080,000 Acquisition Loan For 74-Unit Multifamily At 17 Fifth Avenue

17 Fifth Avenue is a free market multifamily building located in Pelham, NY, featuring a total of 74 units. The acquisition financing for this property amounted to $13,080,000, facilitated by a competitive bidding process that enabled Luxstone Partners to secure the asset.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $13,080,000
• Lender: Flagstar
• Borrower: Luxstone Partners
• Loan Type: Acquisition
• Loan Terms: 5 YR Fixed, 1 YR IO, 1.20x DSCR, Non-Recourse
• Market: Pelham
• Brokers: Jared Sobel, Scott Kummings, Ben Daniels & Mike Alexander - Raven Property Advisors

Raven Property Advisors arranged the acquisition financing and conducted a competitive process involving banks, life companies, and securitized lenders. The loan was ultimately placed with a regional bank. Despite an increase of approximately 50 basis points in interest rates during the process, the brokers' underwriting analysis enabled the sponsor to retain the full loan proceeds. A capex program is also planned to enhance the property's value.