BAM Acquisitions LLC completed the acquisition of Flats at Fishers Market Place from Lightstone Value Plus REIT V, Inc.
November 31, 2023
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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.
Lightstone Value Plus REIT V, Inc. is a real estate investment trust (REIT). The Company is formed primarily to acquire and operate commercial real estate and real estate-related assets. The Company holds interests in various commercial properties, such as office, industrial, retail, hospitality, multifamily, and student housing, and other real estate-related investments, such as mortgage loans and mezzanine loans. The Company's business is conducted through Lightstone REIT V OP LP (Operating Partnership). The Company has eight wholly owned real estate investments (multi-family apartment complexes) and one real estate-related investment (mezzanine loan). The Companyâs properties include Arbors Harbor Town, Parkside Apartments, Flats at Fishers, Axis at Westmont, Valley Ranch Apartments, Autumn Breeze Apartments, BayVue Apartments, and Citadel Apartments. The Companyâs business is externally managed by LSG Development Advisor LLC (the Advisor).