NEW YORK, NY – Lightstone Capital, Lightstone’s real estate loan platform, announced today that it has granted The Confluent Group a $ 18 million loan to refinance an essentially completed apartment building 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 consists of 15 terraced houses with private entrances and balconies as well as nine penthouse units on the upper floor with private cabanas on the roof. The property also includes a covered parking garage with 40 parking spaces and approx. 600 square meters of commercial space. It is next to Harrison Train Station and just a 40-minute drive from Manhattan.
Lightstone Capital offers sponsors flexible, creative, and instant funding solutions. Loans range from $ 5 million to $ 100 million and are backed by real estate in gateway markets.
The first $ 18 million mortgage will refinance an existing home loan and fund the remainder of the remaining work, which is expected to be completed by the fourth quarter 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 are excited to be working with Lightstone on this project and hopefully future projects,” said Gross. “Their deep dive into the Westchester market, as well as their ability to instantly grasp our vision for the project and structure a solution to support it, made for an incredibly fluid process.”
“This is going to be an amazing building and a successful project for Confluent and Lightstone,” added Deng. “I see this as the beginning of a long-term relationship and look forward to working with the Lightstone team on an ongoing basis.”
“This is a unique project for an underserved apartment market in a very desirable location,” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital. “The Covid-19 pandemic resulted in various delays and setbacks that hampered the sponsors’ ability to move forward efficiently. We were able to step in quickly to offer a much tastier financing solution that allowed the team to complete any remaining work as well as another runway to lease and stabilize the property. “
This project follows other significant transactions recently completed by Lightstone Capital such as:
- $ 20.1 million acquisition loan for apartment building in Houston TX (September 2021)
- $ 25 million mezzanine loan to purchase industrial property in San Bernardino County, California August 2021
- $ 9 million acquisition loan for an industrial portfolio in Queens, NY (July 2021)
- $ 12 million senior loan to refinance recently built apartment building in San Diego, California July 2021
- $ 16.2 million senior loan to refinance an apartment building in Brooklyn, NY (June 2021)
- $ 56.5 million senior loan to refinance apartment building in New York, NY May 2021
Since its inception in December 2018, Lightstone Capital has grown rapidly and has built a significant portfolio across the east coast. It opened offices in Dallas in March to cover the central United States – the Southwest, Southeast, and Midwest of the country. An office was opened in Los Angeles in February. The platform has positioned itself as a creative and reliable source of capital with a proven track record and is now focused on the next phase of growth with plans to double the portfolio in 2021.
Lightstone Capital is primarily focused on senior bridging loans, mezzanine loans and preferred equity investments in the top 50 MSAs in the United States.
Lightstone is one of the most diversified privately held real estate companies in the United States. Operating 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 across the country, Lightstone’s $ 6.5 billion portfolio currently includes over 4 million square feet of industrial, retail and commercial real estate, over 15,000 residential units and 4,300 hotel keys. Lightstone is headquartered in New York City and is expanding its development portfolio with currently over $ 3.5 billion in the residential and hospitality sectors in New York City, Los Angeles and Miami.