JLL Capital Markets has arranged acquisition financing for Lightstone as the firm moves to purchase 323 W. 96th St., a multifamily property on Manhattan’s Upper West Side. The transaction involves a reported $88 million acquisition of the asset from Pinnacle Group, with financing provided by MF1, a wholly owned subsidiary of Berkshire Residential Investments.
Senior managing director Peter Rotchford and managing director Michael Shmuely of JLL Capital Markets led the assignment on behalf of Lightstone. Working with MF1, the team structured a financing package designed to facilitate both the purchase of the property and Lightstone’s planned investment in the asset. Terms of the loan, including proceeds and structure, were not disclosed.
The property at 323 W. 96th St. is a 15-story rental building containing 174 multifamily units and totaling 136,651 square feet. Built in 2004, the building is positioned between Riverside Park and West End Avenue, placing it within one of Manhattan’s established residential corridors on the Upper West Side. The location offers proximity to green space and neighborhood amenities typical of this part of New York City, underscoring its appeal as an infill multifamily asset.
In commenting on the transaction, Rotchford described 323 W. 96th St. as a well-located property with strong existing demand, backed by an experienced sponsor and a defined business plan aimed at creating additional value. He noted that lenders continue to show solid appetite for high-quality multifamily opportunities, particularly in supply-constrained New York City neighborhoods such as the Upper West Side. According to Rotchford, MF1 recognized both the strength of the local fundamentals and Lightstone’s strategy for the building, which enabled JLL to assemble a financing structure that supports the acquisition and planned investment activity.
The deal highlights ongoing capital markets interest in stabilized and value-add multifamily properties in core New York City locations. While specific loan metrics were not made public, the combination of an institutional lender, an experienced sponsor, and a large-scale multifamily asset reflects continued depth of financing options for well-located apartment properties on Manhattan’s West Side.
