Lightstone Group borrows $95M from Goldman Sachs for new condo development in Yorkville

Lightstone Group through the entity 40 East End Ave. Associates LLC as borrower signed a loan agreement with lender Goldman Sachs Bank valued at $95.2 million for 26 residential condo parcels, including the tax class residential condo in Acris (SC) at 40 East End Avenue in Yorkville. The deal closed on December 19, 2019 and was recorded on December 20, 2019. The entire project has 29 residential units.

The average loan per unit is $3,660,000 and includes the commercial unit.
Goldman Sachs is providing a condo inventory loan to replace the $85.3 million in construction debt given by Bank OZK in 2017.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link