Spencer Orkus

L+M Development Partners

L+M Development Partners|Services for the UnderServed portfolio

$2.7 billion* – elevator 67.0%, condo 20.0%; Manhattan 52.0%, Brooklyn 34.0%

20th largest portfolio by dollar value

24,236,989 sqft – elevator 74.0%, walkup 11.0%;

7th largest by SF

335 properties – Manhattan 52%, Brooklyn 37%

17th largest

25,409 residential units – Manhattan 41.0%, Brooklyn 41.0%

2th largest by residential units

Person Activity past 24 months:

Buyer signatory: 1 for $17.8 million

Seller signatory: 1 for $17.8 million

Borrower signatory: 2 for $164.2 million

Developer (new building or major alteration): 37.0 for 1,120,652 square feet

Top Ten Associated People:

Holly Leicht (1), Julie M. Behrens (1), Lauren Connors (1), Patrick Love (1), Heather Cottle (1), Spencer Orkus (1), Emily Kurtz (1)

Recent activity as company:

Services for the Underserved and L+M Development Partners sold N/A Fountain Avenue, N/A Erskine Street, and N/A Fountain Avenue, None, Brooklyn for $17.8 million to RiseBoro Community Partnership and L+M Development Partners on January 14, 2025.

Spencer Orkus filed plans for new building for 356,813 sqft in Concourse, Bronx, on May 17, 2024.

L+M Development Partners borrowed $106.6 million from NYS Housing Finance Agency and NYC Department of Housing Preservation and Development for N/A Livonia Avenue, 753 Thomas S Boyland St, N/A Livonia Avenue, N/A Livonia Avenue, N/A Livonia Avenue, and others, Brownsville, Brooklyn on April 08, 2024.

L+M Development Partners borrowed $57.6 million from NYS Housing Finance Agency for 251 Chester Street, Brownsville, Brooklyn on January 05, 2024.

Spencer Orkus filed plans for new building for 182,840 sqft in East New York, Brooklyn, on October 18, 2023.

Spencer Orkus filed plans for new building for 380,472 sqft in East New York, Brooklyn, on October 18, 2023.

L+M Development Partners borrowed $85.5 million from NYC Housing Development Corporation for N/A Beach Channel Drive and N/A Edgemere Avenue, Edgemere, Queens on January 03, 2023.

L+M Development Partners borrowed $39.6 million from UMB Bank for 1912 Mermaid Avenue, Coney Island, Brooklyn on July 05, 2022.

L+M Development Partners borrowed $71.8 million from NYS Housing Finance Agency for N/A Fountain Avenue, East New York, Brooklyn on January 05, 2022.

New York State Urban Development Corporation sold N/A Fountain Avenue, East New York, Brooklyn for $25 million to Services for the UnderServed on January 05, 2022.

Latest Stories:

• L+M, Merchants Capital sign $326.3M construction loan for dev site in East New York (January 31, 2025)

• L+M Development signs $106.6M construction loan for development in Brownsville (April 09, 2024)

• L+M Development signs $57.6M construction loan for 109-unit project in Brownsville (January 08, 2024)

• L+M Development Partners signs $85.5M new construction loan for two properties in Edgemere (January 04, 2023)

• Apex Building Group signs $103.9M construction loan for 123-unit development in East New York (August 30, 2022)

• L+M, Services for the UnderServed pay $25M to New York State for dev site in East New York (January 06, 2022)

• L+M signs $19.5M construction loan with EB-5 affiliate for development in East Harlem (June 21, 2021)

• NYC Department of Housing Preservation and Development files plans for construction of a 138-unit, 115K sf residential building in Queens (March 16, 2020)

• L+M Development Partners, Jonathan Rose Companies, Acacia Real Estate obtained financing of $242M from NYC Housing Development Corp. (July 12, 2019)

*The Portfolio Value is the city’s Market Value, which is typically 50% or less of actual market value.

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