Lightstone Value Plus Real Estate Investment Trust V, Inc. Enters Ten-Year, $35.7 Million Non-Recourse Mortgage Loan
June 01, 2020 at 02:24 am IST
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On June 26, 2020, Lightstone Value Plus Real Estate Investment Trust V, Inc. (the “Company”), through a majority owned subsidiary of the Company’s operating partnership, entered into a ten-year, $35.7 million non-recourse mortgage loan (the "Lakes of Margate Mortgage"). The Lakes of Margate Mortgage bears interest at LIBOR + 2.98% and requires monthly interest-only payments through the first four years of the term and thereafter, monthly payments of principal and interest based upon a 30-year amortization. The Lakes of Margate Mortgage is collateralized by a 280-unit multifamily property located in Margate, Florida (the “Lakes of Margate”). In connection with the acquisition, the Company’s advisor, an affiliate of the Lightstone Group, LLC, received approximately $0.3 million in debt financing fees.
Lightstone Value Plus REIT V, Inc. is a real estate investment trust (REIT). The Company is formed primarily to acquire and operate commercial real estate and real estate-related assets. The Company holds interests in various commercial properties, such as office, industrial, retail, hospitality, multifamily, and student housing, and other real estate-related investments, such as mortgage loans and mezzanine loans. The Company's business is conducted through Lightstone REIT V OP LP (Operating Partnership). The Company has eight wholly owned real estate investments (multi-family apartment complexes) and one real estate-related investment (mezzanine loan). The Companyâs properties include Arbors Harbor Town, Parkside Apartments, Flats at Fishers, Axis at Westmont, Valley Ranch Apartments, Autumn Breeze Apartments, BayVue Apartments, and Citadel Apartments. The Companyâs business is externally managed by LSG Development Advisor LLC (the Advisor).