BAM Acquisitions LLC entered into a purchase and sale agreement to acquire Flats at Fishers Market Place from Lightstone Value Plus REIT V, Inc. for $71 million on August 2, 2023.
BAM Acquisitions LLC completed the acquisition of Flats at Fishers Market Place from Lightstone Value Plus REIT V, Inc. on November 1, 2023. In connection with the disposition of the Flats at Fishers, its non-recourse mortgage loan (the ?Flats at Fishers Mortgage?) of $27.7 million was defeased at a total cost of $27.1 million and its non-recourse subordinated mortgage loan (the ?Flats at Fisher Supplemental Mortgage?) of $8.9 million was repaid in full. The Company?s net proceeds from the disposition of the Flats at Fishers were $33.8 million after the aforementioned defeasance of the Flats at Fishers Mortgage and repayment of the Flats at Fisher Supplemental Mortgage, pro rations and closing and other related transaction costs. The net proceeds have been temporarily placed in an escrow with a qualified intermediary to potentially facilitate a Section 1031 exchange transaction pursuant to the requirements of the Internal Revenue Code, as Amended.