LMXD signs $85.6M refi with Prime Finance for 222-unit mixed-use in Harlem

LMXD, an affiliate of L+M Development Partners, through the entity 2033 National Black Theatre Way LLC as borrower signed a refi loan with lender Prime Finance through the entity Prime Finance Short Duration Holding Company 9, LLC valued at $85.6 million for four commercial condominium units that make up the property at 2035 Fifth Avenue in Harlem, Manhattan.
The deal closed on November 25, 2025 and was recorded on December 12, 2025. The prior lender was PCCP which held debt that had an original loan amount of $60 million.The four properties have a total of about 232,322 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $368 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 latest condo declaration said the residential rental unit had about 190,000 square feet, the theater unit had about 25,800 square feet, a commercial unit had 16,277 square feet and a community facility unit had a bit more than 1,100 square feet.
The signatory for LMXD was David Dishy . The signatory for Prime Finance was Jon W. Brayshaw .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2035 Fifth Avenue.

The block

On the tax block of 2035 Fifth Avenue, PincusCo has identified the owners of 14 of the 29 commercial properties representing 124,990 square feet of the 312,345 square feet. The largest owner is Go-Re Partners, followed by L+M Development Partners and then Elysee Investment Company.
On the tax block, there were three new building construction projects totaling 247,622 square feet. The largest is a 222-unit, 203,519 square-foot residential (R-2) building submitted by L+M Development Partners and filed by Lisa Gomez with plans filed June 22, 2021 and permitted April 26, 2022. The second largest is a 32-unit, 32,190 square-foot residential (R-2) building submitted by Neighborhood Restore and filed by Salvatore D’Avola with plans filed October 23, 2025 and it has not been permitted yet.

The majority, or 30 percent of the 312,345 square feet of built space are specialty buildings, with walkup buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that LMXD owned at least four commercial properties in New York City with 10,000 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 10,000 square feet of built space are industrial properties, with mixed-use properties next occupying 40 percent of the space. They are all located in Queens.

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