JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring the property from Pinnacle Group for a reported $88 million.
Located between Riverside Park and West End Avenue, 323 W. 96th is a 15-story, 174-unit rental building. The 136,651 square-foot property was built in 2004.
“323 W. 96th St. is a well-located asset with strong existing demand, an experienced sponsor and a clear business plan for creating additional value,” said Rotchford. “There continues to be significant lender appetite for high-quality multifamily opportunities, particularly in supply-constrained New York City neighborhoods. MF1 understood both the strength of the Upper West Side fundamentals and Lightstone’s plan for the property, allowing us to structure financing that supports the acquisition and Lightstone’s investment in the asset.”
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