M&A: Lightstone Value Plus REIT V, Inc.

Form Type: 8-K

Filing Date: 2024-12-23

Corporate Action: Acquisition

Type: New

Accession Number: 000182912624008500

Comments: On December 19, 2024, Lightstone Value Plus REIT V, Inc. completed the acquisition of the Space Coast Apartments, a 240-unit multifamily property located in Rockledge, Florida, for approximately $63.8 million. The acquisition was facilitated through their subsidiary, LVP Space Coast Associates LLC, which entered into an Assignment and Assumption of Purchase and Sale Agreement with LREP Acquisitions IX LLC. In connection with this acquisition, a five-year $43.7 million non-recourse mortgage loan was secured, with an interest rate of 5.60%, scheduled to mature on January 1, 2030. The acquisition was funded through the mortgage and $20.1 million in cash on hand. Additionally, it was reported that Director Jeffrey Joseph resigned from the Board on December 19, 2024, for personal medical reasons. His resignation was accepted with gratitude for his service since September 2018.

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