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Current Offerings  /  LSC Latham NY DST
Available506(c)721 Exchange: None

LSC Latham NY DST

SponsorLivingston Street Capital
LocationNew York
Property TypeMultifamily, Senior Housing
$36,810,000
Total Investment
52.97%
LTV
5.63%
Income Average
10 years
Estimated Hold Period

Investment Description

Hearthstone Village is a 144-unit, age-restricted multifamily community in Latham (Town of Colonie), NY. Built in 2006 on 14.776 acres, the property includes three apartment buildings, six residential-style garages and a clubhouse. The Trust acquired the property for $30.125 million and master-leased it to a newly formed Livingston Street affiliate. No 721/FM V option is stated. The Master Tenant’s initial capitalization is a $250,000 sponsor demand note rather than a disclosed corporate rent guaranty.

Investment Sponsor
Livingston Street Capital
Availability Status
Available
Registration
506(c)
721 Exchange
None
Property Type
Multifamily, Senior Housing
Equity
$17,310,000
Debt
$19,500,000
Total Investment
$36,810,000
LTV
52.97%
Initial Reserves
$2,297,296
Lender
Bank of Montreal, Chicago Branch
Interest Rate
6.17%
Amortization
Interest-only
Loan Term
10 years
Estimated Hold Period
10 years

Projected Cash Flow

Cash Flow Basis: Master Lease Cash Flow · Forecast Through: Year 10 · Post-Forecast Treatment: 10-Year Projection
PPM Exhibit E, “Forecasted Statement of Cash Flows,” projects Annual Pro Forma Distribution of 4.70%, 4.70%, 4.75%, 4.75%, 5.00%, 5.25%, 5.60%, 5.95%, 6.30%, and 9.31% in Years 1-10. Distributions derive from Master Lease cash flow and Trust-reserve contributions or withdrawals.

Highlights

1
144-unit active-adult community on 14.776 acres in the Albany-area Town of Colonie.
2
6.175% fixed-rate, full-term interest-only debt through September 2035.
3
53.0% debt-to-total-capitalization; property-level debt is 64.7% of the $30.125 million purchase price.
4
Master Tenant initial capitalization is a $250,000 sponsor demand note.
5
Reported prior capital work includes deck installations, boiler replacements and patio installations.

Jerry Baker's Notes

Before you read these notes

Jerry Baker's Notes are his opinion, shared to help frame a conversation. They are not investment advice, a recommendation, or an offer, and they are not a substitute for the offering documents. Review the Private Placement Memorandum for complete information, including risk factors, before making any decision.

I understand · Show the notes

The primary underwriting issue is not merely multifamily occupancy; it is whether project cash flow can support a newly formed Master Tenant with $250,000 of disclosed demand-note capitalization. Debt is full-term interest-only at 6.175%, preserving current cash flow but leaving a balloon at a 53.0% Trust-level LTV in 2035. The $36.81 million total capitalization is 22.2% above the acquisition price. This increases basis sensitivity and makes exit value, real estate tax growth, staffing and maintenance costs material to the risk-adjusted outcome.

Property Addresses

14000 Florence Drive, Latham, NY 12110

Offering Documents

Download all documents (.zip)
LSC Latham NY DST - PPM.pdfDownload
Documents are provided by the sponsor for registered investors. Review the Private Placement Memorandum in full, including risk factors, before making any decision.

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