Goldman Sachs provides $85m on East Village apartments

Lightstone purchased both properties from Pan Am Equities for a total of $127.5 million, city property records show, bringing the deal's loan-to-value to 66 percent.

Goldman Sachs has provided $85 million in financing to Lightstone Group for the acquisition of two apartment properties in the East Village neighborhood of New York City.

112 East 11th Street, New York City
112 East 11th Street, New York City

Lightstone purchased both properties from Pan Am Equities for a total of $127.5 million, city property records show, bringing the deal’s loan-to-value to 66 percent.

The New York-based real estate developer and manager paid $52.1 million for 112-120 East 11th Street, which is made up of five, five-story buildings with 75 apartments; and $75.4 million for a single six-story building with 106 units at 85 East 10th Street.

Both buildings are between Third and Fourth Avenues.

Earlier this year Goldman Sachs contributed to a $1 billion financing on a nation-wide portfolio of 42 refrigerated warehouses and provided an $815 million financing on a 62 mixed-use multifamily apartment property portfolio in San Francisco — said to be the largest apartment financing in the city’s history.

Lightstone is a private real estate company with a $2 billion portfolio currently that includes over 6 million sq ft of office, retail and industrial commercial properties, according to its website. Goldman Sachs has more than $1 trillion of assets under management as of December 31, 2015.

Goldman Sachs declined to comment, while Lightstone did not respond to media request in time for publication.

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