NEW YORK, NY - Lightstone Capital, Lightstone’s real estate debt platform, announced today that it has provided an $18 million loan to The Confluent Group to refinance a substantially completed boutique multifamily complex in Westchester County, New York.
The project, 33 Calvert Street, is a four-story 24-unit complex in the Town of Harrison, an affluent suburb of New York City. It is comprised of 15 townhomes with private entrances and balconies, along with nine penthouse units on the upper floor with private rooftop cabanas. The property also contains a 40-space, covered parking garage and approximately 600 square feet of commercial space. It sits adjacent to the Harrison train station, just a 40-minute ride from Manhattan.
Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. Loans range in size from $5 million up to $100 million and are secured by real estate assets located in gateway markets.
The $18 million first mortgage will refinance an existing construction loan and fund the balance of the remaining work, which is expected to be completed by Q4 of 2021.
The Confluent Group, led by CEO David Gross and Head of Development Taylor Klemm, includes former NBA stars Luol Deng and Charlie Villanueva as investors.
“We’re excited to partner with Lightstone on this project, and hopefully future projects,” said Gross. “Their deep insight into the Westchester market, along with their ability to immediately grasp our vision for the project and to structure a solution to support it made for an incredibly fluid process.”
“This will be an incredible building, and a successful project for Confluent and Lightstone,” added Deng. “I view this as the start of a long-term relationship and look forward to working with the Lightstone team on an ongoing basis.”
“This is such a unique project catering to an underserved multifamily market in a highly desirable location,” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital. “The Covid-19 pandemic led to various delays and setbacks that hindered the sponsors’ ability to move forward efficiently. We were able to step in quickly to provide a much more palatable financing solution, allowing the team to finish all remaining work along with a further runway to lease up and stabilize the property.”
This project follows other significant transactions closed recently by Lightstone Capital, such as:
- $20.1 million acquisition loan for a multifamily property in Houston TX (September 2021)
- $25 million mezzanine loan for the acquisition of an industrial property in San Bernardino County, CA (August 2021)
- $9 million acquisition loan for an industrial portfolio in Queens, NY (July 2021)
- $12 million senior loan to refinance recently built multifamily property in San Diego, CA (July 2021)
- $16.2 million senior loan to refinance a multifamily portfolio in Brooklyn, NY (June 2021)
- $56.5 million senior loan to refinance a residential condo development in New York, NY (May 2021)
Since it launched in December 2018, Lightstone Capital has grown rapidly, developing a significant portfolio throughout the East Coast. It opened offices in Dallas in March, to cover the Central U.S. – the Southwest, Southeast, and Midwest regions of the country. An office was opened in Los Angeles in February. The platform has positioned itself as a creative and reliable capital resource with a proven track record and is now focused on the next growth phase with plans to double the portfolio in 2021.
Lightstone Capital focuses primarily on senior bridge loans, mezzanine loans, and preferred equity investments throughout the top 50 MSA’s in the United States.
Lightstone is one of the most diversified privately held real estate companies in the United States. Active in 24 states across the country, Lightstone develops, manages and invests in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 132 existing properties nationwide, Lightstone’s over $6.5 billion portfolio currently includes over 4 million square feet of industrial, retail, and commercial properties, over 15,000 residential units, and 4,300 hotel keys. Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.