L+M Development Partners signs $27.7M refi loan with Greystone & Co. for in Alphabet City

L+M Development Partners through the entity East 8 St Lm Madison Jv LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $27.7 million for the 70-unit property at 342 East 8th Street in Alphabet City, Manhattan.
The deal closed on September 29, 2022 and was recorded on October 3, 2022.  The prior lender was Fannie Mae which held debt that had an original loan amount of $23.7 million.The property has 65,832 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $421 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on April 10, 2018, for $50 million. The signatory for L+M Development Partners was Adam P. Hellegers. The signatory for Greystone & Co. was Kristie Reinhardt.

The property

The 342 East 8th Street parcel has a total lot size of 65,832 square feet. The property has a 421A exemption that started in 2004 and expires in 2024. The city-designated market value for the property in 2022 is $17.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 12,847 square feet of the 204,414 square feet. The two identified owners are L+M Development Partners and Conway Capital.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 196,545 square feet of built space are specialty buildings, with walkup buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that L+M Development Partners owned at least 275 commercial properties in New York City with 21,822,303 square feet and a city-determined market value of $2.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.8 billion in debt, with top three lenders as NYC Housing Development Corporation, Wells Fargo, and Barings respectively. Within the portfolio, the bulk, or 75 percent of the 21,822,303 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 45 percent of the built space, is in Brooklyn, with Manhattan next at 36 percent of the space.

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