This document provides information about a residential development project called Liberty Gardens in Brooklyn, NY. It summarizes that Lightstone Group received $120 million in construction financing from Canyon Capital for 429 luxury rental apartments. It also outlines the EB-5 investment structure, which includes $60 million from foreign investors that will help fund the project in exchange for green cards. The development is expected to create over 1,500 jobs and be completed in 2016.
Hyde Park CG arranged a $14,500,000 construction loan for a 210 unit apartment community in Midland, Texas within 60 days of receiving the full application package. The loan had a 80% loan-to-cost ratio, 75% loan-to-value ratio, and an interest rate of 30 Day LIBOR + 250bps. The loan featured a 36 month interest only term with an option to extend for an additional 24 months.
For accredited investors only. Corporate objective is to to acquire and assemble up to 10 acres of Prime Real Estate on the West Side of the City of Calgary.
Once Approvals are in Place the Partnership Intends to Sell (Serviced or Un-Serviced) Parcels to Builders at a Profit for Both Investors and Management.
This document provides a summary of BI&P's results for the 2nd quarter of 2012. Key highlights include:
- Loan portfolio grew 1.7% in the quarter and 33.1% over 12 months, reaching R$2.8 billion, with continued focus on corporate clients.
- Credit quality improved, with higher rated loans increasing to 79% of the portfolio. Non-performing loans fell to 2.6% of the portfolio.
- Net interest margin increased to 5.3% and efficiency ratio improved to 65.1%, though net profits were still impacted by legacy loans.
- Capital and liquidity remained strong with a Tier 1 Basel ratio of 17% and leverage of 4.
It’s important that you approach working in the US the right way. US Immigration regulations are tricky and not intuitive, be sure to seek expert advice!
www.obrienandassociates.com
The document discusses immigration to the United States in the late 19th/early 20th century. During this period, most immigrants came from southern and eastern Europe as well as the eastern Mediterranean rather than previous sources of northern Europe. People left these areas due to overpopulation, lack of jobs, and mistreatment by governments. America offered jobs, opportunity, and freedom. Many immigrants passed through Ellis Island where they underwent health screenings and processing before settling across the United States, often where family or jobs were located.
US immigration has historically been driven by both "push" factors that encouraged people to leave their homelands, such as economic and political problems, as well as "pull" factors attracting immigrants to opportunities in the new continent including economic prosperity, religious freedom, and the iconic poem about America's promise engraved on the Statue of Liberty. The document then outlines the major waves of immigration to the US from Europe, Asia, and Latin America over time and some of the policies and events that both encouraged and restricted immigration flows such as the Gold Rush, Ellis Island, quotas, and more recent state laws.
The beginning of February was marked by nothing less than "confusion" in the U.S. immigration law arena as the Trump Administration continues to "settle-in". Members of the NPZ Law Group continue their active community outreach efforts through both civic and professional organizations. It continues to be our goal to help explain recent U.S. immigration law initiatives to what appears to be an extremely "confused" public.
This presentation explains how US employers can hire foreign nationals on student visas (F-1) while on Optional Practical Training (OPT) and/or Curricular Practical Training (CPT). This presentation also deals with issues relating to employer's subsequent sponsorship of the H-1B visa for such employees.
Hyde Park CG arranged a $14,500,000 construction loan for a 210 unit apartment community in Midland, Texas within 60 days of receiving the full application package. The loan had a 80% loan-to-cost ratio, 75% loan-to-value ratio, and an interest rate of 30 Day LIBOR + 250bps. The loan featured a 36 month interest only term with an option to extend for an additional 24 months.
For accredited investors only. Corporate objective is to to acquire and assemble up to 10 acres of Prime Real Estate on the West Side of the City of Calgary.
Once Approvals are in Place the Partnership Intends to Sell (Serviced or Un-Serviced) Parcels to Builders at a Profit for Both Investors and Management.
This document provides a summary of BI&P's results for the 2nd quarter of 2012. Key highlights include:
- Loan portfolio grew 1.7% in the quarter and 33.1% over 12 months, reaching R$2.8 billion, with continued focus on corporate clients.
- Credit quality improved, with higher rated loans increasing to 79% of the portfolio. Non-performing loans fell to 2.6% of the portfolio.
- Net interest margin increased to 5.3% and efficiency ratio improved to 65.1%, though net profits were still impacted by legacy loans.
- Capital and liquidity remained strong with a Tier 1 Basel ratio of 17% and leverage of 4.
It’s important that you approach working in the US the right way. US Immigration regulations are tricky and not intuitive, be sure to seek expert advice!
www.obrienandassociates.com
The document discusses immigration to the United States in the late 19th/early 20th century. During this period, most immigrants came from southern and eastern Europe as well as the eastern Mediterranean rather than previous sources of northern Europe. People left these areas due to overpopulation, lack of jobs, and mistreatment by governments. America offered jobs, opportunity, and freedom. Many immigrants passed through Ellis Island where they underwent health screenings and processing before settling across the United States, often where family or jobs were located.
US immigration has historically been driven by both "push" factors that encouraged people to leave their homelands, such as economic and political problems, as well as "pull" factors attracting immigrants to opportunities in the new continent including economic prosperity, religious freedom, and the iconic poem about America's promise engraved on the Statue of Liberty. The document then outlines the major waves of immigration to the US from Europe, Asia, and Latin America over time and some of the policies and events that both encouraged and restricted immigration flows such as the Gold Rush, Ellis Island, quotas, and more recent state laws.
The beginning of February was marked by nothing less than "confusion" in the U.S. immigration law arena as the Trump Administration continues to "settle-in". Members of the NPZ Law Group continue their active community outreach efforts through both civic and professional organizations. It continues to be our goal to help explain recent U.S. immigration law initiatives to what appears to be an extremely "confused" public.
This presentation explains how US employers can hire foreign nationals on student visas (F-1) while on Optional Practical Training (OPT) and/or Curricular Practical Training (CPT). This presentation also deals with issues relating to employer's subsequent sponsorship of the H-1B visa for such employees.
WholeLife Companies Inc. develops and operates luxury rental communities for active adults, integrating fitness and wellness concepts. It has four development models: company owned, developer owned, joint venture, and new owner operator. WholeLife aims to fulfill the demand for independent senior living facilities that provide amenities like fitness programs and healthy meals. It will develop communities across the US in desirable locations based on criteria like market size, climate, and demographics.
The document provides an overview of WholeLife Companies Inc., a developer of luxury rental communities focused on senior housing and active adult communities. It discusses WholeLife's business model, management team, target markets, development plans and prototype projects. Financial details are also provided on WholeLife's historical projects and returns.
Banker's Hill Development in San Diego, CAMelissa Day
LIV Capital Group is offering an investment opportunity in an 8-unit row home development project in the Bankers Hill neighborhood of San Diego. The project will involve building 2-3 bedroom, 1500-2400 square foot homes over 2-car garages. The location offers panoramic views of San Diego Harbor and proximity to downtown and Balboa Park. Investors are sought to provide $1.3 million in equity to fund project costs in exchange for 50% ownership. The presentation provides project details such as site plans, budgets, and estimated returns, with a projected 50% ROI within 18 months of completion.
Lunnen Development & Brokerage is a full-service commercial real estate firm focused in the Bakken region of North Dakota. With over 35 years of experience in brokerage, development, and land acquisition, Lunnen offers clients expertise in maximizing the value of their real estate transactions. Lunnen prides itself on providing responsive service and creative solutions to meet the complex needs of both buyers and sellers. Testimonials from past clients praise Lunnen for their reliable assistance and market knowledge in facilitating multimillion dollar deals.
Lotus Group - Sahakar Nagar (Pioneer Constructions) presentationShankar Sarkar
The document is a disclaimer and overview provided by Lotus Space and Designs Pvt. Ltd. for a proposed redevelopment project in Sahakar Nagar, Wadala, Mumbai. It summarizes the existing site details, planned redevelopment under section 33(9) which includes cluster development with mixed uses and larger open spaces. It also provides timelines of events from reservation of society name in 2011 to signing of agreement with developer in 2013. Financial projections estimate a total cost of Rs. 15.45 billion and projected profit of Rs. 20.71 billion from the sale of residential and commercial units.
Medalist Diversified REIT currently owns 546,651 square feet of retail space, 220,000 square feet of flex/industrial space, and one 148-room hotel located in the Southeast US. The presentation discusses Medalist's investment strategy, which includes opportunistic investing in value-add commercial properties, hands-on management, and a focus on secondary and tertiary markets. It also provides an overview of Medalist's experienced management team and investment portfolio.
The document provides forward-looking statements about future plans, expectations, intentions, results, levels of activity, performance, goals or achievements. It notes that many factors could cause actual results to differ materially from what is expressed or implied in the forward-looking statements. These factors include competition, consumer preferences, economic conditions, seasonality, weather, same store sales growth, management retention, employee relations, commodity prices, vendor relationships, inventory management, technology systems, regulatory compliance, litigation, product liability, currency fluctuations, real estate management, brand management, dividends, shareholder control, and market volatility.
1) The document is a confidential preview of a 192-unit multihousing investment opportunity located in Orlando, FL.
2) It provides an overview of the sponsor Rivergate Partners and their strategy of acquiring stabilized income-producing multi-family assets.
3) Key details of the Beacon Hill Apartments investment opportunity are presented, including acquisition details, financing terms, projected returns, and property highlights such as location and value-add opportunities.
CPPIB Credit Investments Inc. Joins KKR and Stone Point Capital as a Partner ...Devon Johnson
CPPIB Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board, has joined KKR and Stone Point Capital as a partner in their capital markets platform MerchCap Solutions. CPPIB will commit $50 million in equity to the platform and initially earmark up to $2 billion for direct investments in middle market debt transactions arranged through the platform. The partnership will allow CPPIB to expand its private debt portfolio into the growing middle market segment.
International Land Alliance (ILAL) is a developer of residential communities in Northern Baja California with projects are targeted at buyers and investors of primary, vacation, and/or retirement homes. The Company’s projects in Northern Baja – a popular tourism and retirement destination – are strategically located within driving distance of Southern California and are supported by the region’s attractive demographics, large pent-up demand, and persistent housing shortages. With a goal of delivering sustainable and socially responsible solutions, the Company leverages advanced property and construction technologies to provide a seamless and efficient platform that enhances the customer sales experience. A newly added mortgage division, providing previously unattainable financing options to US buyers, is expected to drive accelerate sales growth across ILAL’s projects.
The document is a 4-page vitae for John Lanier outlining his professional experience and accomplishments. It details his extensive experience over 30+ years in developing over $200 million of senior housing and healthcare facilities. His background includes negotiating contracts, securing financing, and leading development projects for various companies. The vitae provides examples of major projects he has worked on and his educational background.
ieCrowd secures and seeks to commercialize life and health innovations developed by research institutions. We are currently commercializing 5 innovations, with anticipated revenues beginning in 2016 and an addressable market of approximately $13 billion. Our Kite technology, for example, is being developed to block mosquitoes from finding and biting humans.
DiversyFund is a real estate crowdfunding platform that vertically integrates real estate development projects. This allows them to control project quality, provide transparency to investors, and generate substantially more revenue than competitors who rely on third party developers. In its first year, DiversyFund has generated $1.2 million in revenue and owns $94 million worth of real estate assets under development. It is seeking a $6 million Series A investment to further expand its marketing, product development, and operations as it plans an IPO within the next 2-4 years.
The document profiles Matthew A. Scoville, a partner at Hunton & Williams LLP who focuses on commercial real estate transactions, including acquisitions, dispositions, development, financing, and restructurings. It provides details on his relevant experience representing clients in large commercial real estate deals, financings, and restructurings totaling over $1.3 billion. The document also lists his memberships, events, and recognition as a "Rising Star" by New York Super Lawyers.
Ladder Capital - Investor PresentationDavid Merkur
Ladder Capital is a leading commercial real estate investment trust with $5.6 billion in assets and $1.5 billion in book equity. It has a core competency in commercial real estate credit underwriting and offers three complementary products - commercial real estate loans, equity, and securities. Ladder has a national direct origination platform and a diversified and granular asset base focused on the middle market. It is an internally-managed CRE finance REIT with high insider ownership and a cycle-tested management team.
This document provides information about a potential investment opportunity in a single family rental home fund. It summarizes the fund's strategy of acquiring distressed homes at a discount, renovating them, renting them for income, and ultimately selling them for a target 16% internal rate of return over a 5 year fund term. The document outlines the fund's targeted geographic areas, investment terms including management fees and profit splits, and the experience of the fund managers in single family rental investing and property management. Risk factors are also disclosed.
NBH Holdings Corp. raised $1.15 billion through a private stock placement to over 70 institutional investors. The funds will be used to build a leading community banking franchise focused on serving retail and business customers through acquisitions and organic growth. James Connolly, an experienced banking executive, leads an experienced management team as President and CEO.
Medalist Diversified REIT (NASDAQ: MDRR) was founded in 2015 as a real estate investment trust (REIT) specializing in acquiring, owning, and managing commercial real estate in the Southeast. The Company’s strategy is to focus on opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent, and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management and leasing while monitoring the middle market real estate markets in the Southeast for acquisition opportunities and disposal of properties as considered appropriate.
WholeLife Companies Inc. develops and operates luxury rental communities for active adults, integrating fitness and wellness concepts. It has four development models: company owned, developer owned, joint venture, and new owner operator. WholeLife aims to fulfill the demand for independent senior living facilities that provide amenities like fitness programs and healthy meals. It will develop communities across the US in desirable locations based on criteria like market size, climate, and demographics.
The document provides an overview of WholeLife Companies Inc., a developer of luxury rental communities focused on senior housing and active adult communities. It discusses WholeLife's business model, management team, target markets, development plans and prototype projects. Financial details are also provided on WholeLife's historical projects and returns.
Banker's Hill Development in San Diego, CAMelissa Day
LIV Capital Group is offering an investment opportunity in an 8-unit row home development project in the Bankers Hill neighborhood of San Diego. The project will involve building 2-3 bedroom, 1500-2400 square foot homes over 2-car garages. The location offers panoramic views of San Diego Harbor and proximity to downtown and Balboa Park. Investors are sought to provide $1.3 million in equity to fund project costs in exchange for 50% ownership. The presentation provides project details such as site plans, budgets, and estimated returns, with a projected 50% ROI within 18 months of completion.
Lunnen Development & Brokerage is a full-service commercial real estate firm focused in the Bakken region of North Dakota. With over 35 years of experience in brokerage, development, and land acquisition, Lunnen offers clients expertise in maximizing the value of their real estate transactions. Lunnen prides itself on providing responsive service and creative solutions to meet the complex needs of both buyers and sellers. Testimonials from past clients praise Lunnen for their reliable assistance and market knowledge in facilitating multimillion dollar deals.
Lotus Group - Sahakar Nagar (Pioneer Constructions) presentationShankar Sarkar
The document is a disclaimer and overview provided by Lotus Space and Designs Pvt. Ltd. for a proposed redevelopment project in Sahakar Nagar, Wadala, Mumbai. It summarizes the existing site details, planned redevelopment under section 33(9) which includes cluster development with mixed uses and larger open spaces. It also provides timelines of events from reservation of society name in 2011 to signing of agreement with developer in 2013. Financial projections estimate a total cost of Rs. 15.45 billion and projected profit of Rs. 20.71 billion from the sale of residential and commercial units.
Medalist Diversified REIT currently owns 546,651 square feet of retail space, 220,000 square feet of flex/industrial space, and one 148-room hotel located in the Southeast US. The presentation discusses Medalist's investment strategy, which includes opportunistic investing in value-add commercial properties, hands-on management, and a focus on secondary and tertiary markets. It also provides an overview of Medalist's experienced management team and investment portfolio.
The document provides forward-looking statements about future plans, expectations, intentions, results, levels of activity, performance, goals or achievements. It notes that many factors could cause actual results to differ materially from what is expressed or implied in the forward-looking statements. These factors include competition, consumer preferences, economic conditions, seasonality, weather, same store sales growth, management retention, employee relations, commodity prices, vendor relationships, inventory management, technology systems, regulatory compliance, litigation, product liability, currency fluctuations, real estate management, brand management, dividends, shareholder control, and market volatility.
1) The document is a confidential preview of a 192-unit multihousing investment opportunity located in Orlando, FL.
2) It provides an overview of the sponsor Rivergate Partners and their strategy of acquiring stabilized income-producing multi-family assets.
3) Key details of the Beacon Hill Apartments investment opportunity are presented, including acquisition details, financing terms, projected returns, and property highlights such as location and value-add opportunities.
CPPIB Credit Investments Inc. Joins KKR and Stone Point Capital as a Partner ...Devon Johnson
CPPIB Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board, has joined KKR and Stone Point Capital as a partner in their capital markets platform MerchCap Solutions. CPPIB will commit $50 million in equity to the platform and initially earmark up to $2 billion for direct investments in middle market debt transactions arranged through the platform. The partnership will allow CPPIB to expand its private debt portfolio into the growing middle market segment.
International Land Alliance (ILAL) is a developer of residential communities in Northern Baja California with projects are targeted at buyers and investors of primary, vacation, and/or retirement homes. The Company’s projects in Northern Baja – a popular tourism and retirement destination – are strategically located within driving distance of Southern California and are supported by the region’s attractive demographics, large pent-up demand, and persistent housing shortages. With a goal of delivering sustainable and socially responsible solutions, the Company leverages advanced property and construction technologies to provide a seamless and efficient platform that enhances the customer sales experience. A newly added mortgage division, providing previously unattainable financing options to US buyers, is expected to drive accelerate sales growth across ILAL’s projects.
The document is a 4-page vitae for John Lanier outlining his professional experience and accomplishments. It details his extensive experience over 30+ years in developing over $200 million of senior housing and healthcare facilities. His background includes negotiating contracts, securing financing, and leading development projects for various companies. The vitae provides examples of major projects he has worked on and his educational background.
ieCrowd secures and seeks to commercialize life and health innovations developed by research institutions. We are currently commercializing 5 innovations, with anticipated revenues beginning in 2016 and an addressable market of approximately $13 billion. Our Kite technology, for example, is being developed to block mosquitoes from finding and biting humans.
DiversyFund is a real estate crowdfunding platform that vertically integrates real estate development projects. This allows them to control project quality, provide transparency to investors, and generate substantially more revenue than competitors who rely on third party developers. In its first year, DiversyFund has generated $1.2 million in revenue and owns $94 million worth of real estate assets under development. It is seeking a $6 million Series A investment to further expand its marketing, product development, and operations as it plans an IPO within the next 2-4 years.
The document profiles Matthew A. Scoville, a partner at Hunton & Williams LLP who focuses on commercial real estate transactions, including acquisitions, dispositions, development, financing, and restructurings. It provides details on his relevant experience representing clients in large commercial real estate deals, financings, and restructurings totaling over $1.3 billion. The document also lists his memberships, events, and recognition as a "Rising Star" by New York Super Lawyers.
Ladder Capital - Investor PresentationDavid Merkur
Ladder Capital is a leading commercial real estate investment trust with $5.6 billion in assets and $1.5 billion in book equity. It has a core competency in commercial real estate credit underwriting and offers three complementary products - commercial real estate loans, equity, and securities. Ladder has a national direct origination platform and a diversified and granular asset base focused on the middle market. It is an internally-managed CRE finance REIT with high insider ownership and a cycle-tested management team.
This document provides information about a potential investment opportunity in a single family rental home fund. It summarizes the fund's strategy of acquiring distressed homes at a discount, renovating them, renting them for income, and ultimately selling them for a target 16% internal rate of return over a 5 year fund term. The document outlines the fund's targeted geographic areas, investment terms including management fees and profit splits, and the experience of the fund managers in single family rental investing and property management. Risk factors are also disclosed.
NBH Holdings Corp. raised $1.15 billion through a private stock placement to over 70 institutional investors. The funds will be used to build a leading community banking franchise focused on serving retail and business customers through acquisitions and organic growth. James Connolly, an experienced banking executive, leads an experienced management team as President and CEO.
Medalist Diversified REIT (NASDAQ: MDRR) was founded in 2015 as a real estate investment trust (REIT) specializing in acquiring, owning, and managing commercial real estate in the Southeast. The Company’s strategy is to focus on opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent, and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management and leasing while monitoring the middle market real estate markets in the Southeast for acquisition opportunities and disposal of properties as considered appropriate.
2. 2
DISCLOSURE
This brochure is provided for informational and discussion purposes only and should not be relied upon or
otherwise used in any manner by the recipient.
This brochure is not part of, and should not be construed as part of, any offer to sell or any solicitation of an
offer to buy any limited liability company or other interest in Liberty Gardens Fund, LLC, a Delaware limited
liability company (The “Company”). Such an offer can only be made through the delivery of a private placement
memorandum for the company when and as such private placement memorandum may be furnished.
The information contained in this brochure is in a presentation format and therefore is quite limited in its
scope and not meant to provide comprehensive descriptions or discussions of the topics mentioned herein.
No warranty is given as to the completeness or accuracy of the information contained in this brochure and
the views and opinions expressed in this brochure are subject to change without notice. In displaying or
furnishing this brochure, the company reserves the right to supplement, amend or replace the information
contained in this brochure at any time, but has no obligation to provide the recipient with any supplemental,
amended, replacement or additional information.
The contents of this brochure are confidential and are not to be reproduced, copied, transferred or communicated
to any third party, without the prior written consent of the company.
This brochure contains forward-looking statements within the meaning of the federal securities laws. These
forward-looking statements are not historical facts, but rather are based on current expectations, estimates,
projections, beliefs and assumptions about our business and industry. Words such as “ anticipates,” “expects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” should targets, projects, forecasts, and variations of these
words and similar expressions are used to identify forward-looking statements. These statements are not
guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of
which are beyond our control and are difficutl to predict. If any of these risks, uncertainties or other factors
materialize, or if any of our underlying assumptions are incorrect, our actual results may differ materially from
those experssed or forecasted. These risks and uncertainties include those described in “Risk Factors” section of
the private placement memorandum of liberty gardens fund LLC and Liberty Gardens Fund II LLC dated May
8, 2014. You should not place undue reliance on these forward-looking statements, which reflect management’s
view only on the date of this brochure. The Lightstone Group undertakes no obligation to update these statements
or to report the result of any revision to the forward-looking statements that the Lightstone Group or any other
person or entity may make to reflect or circumstances after the date of this brochure or to reflect the occurrence
of any events that may affect any of these forward-looking statements.
3. Business Plan
Project Details
• 429 luxury apartments
• 289,687 leasable square feet
• 2,475 square feet of retail space
• 203 parking spaces
Project Highlights
• Prime Location
• Underserved Market
• Luxurious Apartment Finishes
• Premium Amenities
• Landscaped Courtyard and Gardens
3
Liberty Gardens, 365 Bond Street Brooklyn, NY
Rooftop View
Quiet Lounge
Whole Foods Market
Living Room
Brownstone in Brooklyn, NY
Courtyard ViewWaterfront Path
Lobby
Neighborhood View in Brooklyn
Liberty Gardens Phase I
(Construction Commenced)
4. Seattle
San Fransisco
Denver
Houston
Chicago
Atlanta
Miami
Washington D.C.
New York
Company Overview
• Founded over 25 years ago, Lightstone is headquartered in New York City
• USD $2 billion in gross assets
• 10,600 residential units
• 6.8 million square feet of commercial assets
• One of the largest developers of outlet malls in the U.S.
• Over $1 billion of residential and hospitality projects currently under
development in New York City.
• Recognized as one of New York City’s Most Active Developers by The Real Deal magazine, April 2014
Past Success
Senior Management - Over 50 years Combined Experience
David Lichtenstein
Chairman and CEO
Mitchell C. Hochberg
President and COO
• Litchtenstein founded
Lightstone over 25 years ago
• Built firm to a portfolio
valued over $2 billion
• Former CEO and Founder
of Spectrum Communities,
a NYSE listed luxury
homebuilding firm
• Chairman of Orleans
Homebuilders, Inc.
4
Retail (25 properties)
Office/Industrial (32 properties)
Multifamily (57 properties)
Hospitality (19 properties)
Land (11 development sites with 12,000 lots)
Development Projects (8 under development) As of October 2014
5. Financial Structure
5
Liberty Gardens Funding*
Senior Loan $120,000,000
EB-5 Funds $60,000,000
Lightstone Equity $49,500,000
Total Investment $229,500,000
* Loan amounts in US Dollars ($)
Timing of EB-5 Funds*
Equity
$49.5
million
FMV of
Land
2013
September 2013
Project
Commencement
September 2013
Project
Commencement
February 2016
Project
Completion
February 2016
Project
Completion
2014
$45
million Bridge
Capital from
Lightstone
Jan. 2015
$120
million
Construction
Loan
Nov. 2015
$60
million
EB-5 Funds
Total
Investment
$229.5
million
Liberty GardensEB-5 Loan PersonalGuaranty byLightstone CEO,David Lichtenstein** refer to documentsfor details
Land Deed
Certificate
Personal Guaranty by
David Lichtenstein
Liberty Gardens
$45 million
Bridge Capital Agreement
$120 million
Canyon Capital
Advisors Realty Loan
EXECUTION COPY
LIMITED LIABILITY COMPANY AGREEMENT
OF
LSG 365 BOND HOLDCO 1 LLC
As of MARCH 7, 2014
THE MEMBERSHIP INTERESTS (AS DEFINED HEREIN) IN THE COMPANY (AS
DEFINED HEREIN) ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD IN WHOLE OR IN
PART EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO
REGISTRATION OR EXEMPTION THEREFROM. IN ADDITION, INVESTORS MAY
NOT RESELL, TRANSFER OR OTHERWISE DISPOSE OF ANY OFFERED
INTEREST IN WHOLE OR IN PART EXCEPT IN COMPLIANCE WITH THE
OPERATING AGREEMENT OF THE COMPANY. ACCORDINGLY, INVESTORS
SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME.
Canyon Capital Realty Advisors Provides $120-Million Construction Loan for
Residential Development in Gowanus
Multifamily Property Expands Brooklyn Footprint for Real Estate Investment Firm
LOS ANGELES, CALIFORNIA (October 31, 2014) – Canyon Capital Realty Advisors LLC
(Canyon Realty), a real estate investment firm, has provided a $120-million senior
construction loan to LSG 365 Bond Street LLC, an affiliate of The Lightstone Group for the
ground-up development of a 12-story luxury residential rental community in Gowanus, one
of Brooklyn’s most dynamic and diverse neighborhoods. Meridian Capital Group, a New York
City based commercial mortgage broker, advised The Lightstone Group on the transaction.
The proceeds of Canyon’s construction loan will be used to develop a contextual multifamily
property that will include 429 residential units at 365 Bond Street, including 86 units of
affordable housing. The project will also include a public esplanade along the Gowanus
Canal, which will provide the community with a lighted walk-way, public outdoor space, and
access to the canal.
“Canyon has a long history of investing in Brooklyn and its emerging neighborhoods, and we
have been tracking the Gowanus neighborhood for some time now. We are pleased to have
the opportunity to finance this transformational project, which will add several hundred
mixed-income high-quality housing units to the neighborhood,” said Charlie Rose, Director
at Canyon Realty. Gowanus has recently experienced a notable revitalization and is now
home to a variety of restaurant, retail and arts amenities, and we are excited to be a part of
the area’s evolution.”
In fact, Canyon has been an active investor in New York City and other Brooklyn
neighborhoods for over two decades. Notable previous investments by Canyon in Brooklyn
include the following:
• One Hanson Place (the former Williamsburg Savings Bank Tower), which Canyon
redeveloped into a 217-unit residential project in Downtown Brooklyn;
• The Viridian, a 130-unit multifamily rental project in Greenpoint;
• The Isabella, a 63-unit residential project located in Clinton Hill; and
• 20 Henry, a 39-unit historical rehabilitation and residential project, which Canyon
developed in Brooklyn Heights.
Coming on the heels of its successful development of Gantry Park in Long Island City, The
Lightstone Group is expanding its New York City footprint to include Brooklyn. “The
Lightstone Group is committed to the Gowanus neighborhood and its current and future
residents, and we are thrilled to have had the opportunity to work with Canyon Realty to
bring this project to fruition, said Mitchell Hochberg, President of The Lightstone Group.
Canyon Realty was the ideal lender to provide the non-recourse financing for this
construction loan. The Canyon team’s deep understanding of the local market and ability to
quickly execute this large, complex transaction was essential to us.”
Construction
Loan
6. 6
Regional Center Fund Manager
• EB-5 Fund Manager
• Offering Team
- Regional Center
- Securities Broker Dealer
- Immigration Counsel
- Project Lawyer
Investor
Immco Fund
Developer
EB-5 Advisors
Fund Manager:
IMMCO
www.immco.us
Immigration Lawyers:
GreenbergTraurig
www.gtlaw.com
Klasko Immigration Nationality Law
www.klaskolaw.com
Securities Lawyer to IMMCO:
Jeffer Mangels Butler Mitchell
www.jmbm.com
Registered Securities Dealer:
NMS Capital
www.nmscapital.com
Certified Public Accountant/
Fund Specialist to IMMCO:
Cohn Reznick
www.cohnreznick.com
Fund Attorney:
David Hirson Partners, LLP
www.hirsonimmigration.com
Lightstone New York Regional
Center Business Plan/Economic
Analysis I-924 Approval Letter
For more information, please visit
www.lightstoneeb5.com
7. Market Value
Market Value (as of April 9, 2014)
$54,000,000
Prospective Value Upon Completion (2016)
$246,900,000
Prospective Value Upon Stabilization (2018)
$260,000,000
Prospective Value Two Years After Stabilization (2020)
$286,000,000
Exit Strategy
• Refinance the construction loan and EB-5 Loan with
permanent financing
• Alternatively, potential sale of the building
Appraisal prepared
by Marshall Stevens
7
332 Excess Jobs
(28% Buffer)
}
1,5321,200
Required job
creation by USCIS
Projected job
creation
Liberty Gardens Job Creation
CARROLL GARDENS SUMMARY OF EMPLOYMENT
Activity
Direct
Employment
Indirect
Employment
Total Number
of New Jobs
Hard Construction Costs 1,271.80 0 1,271.80
Architects, Engineers Related 34.3 50 84.3
Purchases of FFE 0 6.2 6.2
Sales and Marketing Costs 6.5 0 6.5
Rental Income 164 0 164
Total Jobs 1,476.60 56.2 1,532
Economic Impact Report
Prepared by Dr. Michael K. Evans
Job Creation
8. Project Strengths
• Desirable location in strong, growing and affluent area
• Strong rental market with 98% occupancy
• Market leading property wtih competitive rental rates
• Newly opened premium grocer (Whole Foods Market) within 5 minute walk of property
• Close proximity to restaurants, shops, parks, and schools (public private)
• Excellent transportation access (10 minute subway ride to downtown Manhattan)
8
9. Construction Timeline
Construction Underway - October 2014Permits Obtained
9
2013 2014 2015 2016
Demolition
Permits
and Final
Drawings
Construction:
Excavation/Foundation
Construction:
Superstructure 1-12th
floor
Construction:
Interiors/Masonry/Elevators/Windows
Completion
September 2013
February 2016
10. 460 Park Avenue | New York, NY 10022 | (212) 324-0239 | www.lightstoneeb5.com
EB5 0511-1014