Lightstone Closes $74.5 Million Refinancing For Virginia Portfolio

National real estate investor and developer refinances 16 multifamily properties located along the I-81 corridor and in the Southern Virginia area

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Lightstone

Oct 01, 2018, 10:36 ET

NEW YORK, Oct. 1, 2018 /PRNewswire/ -- National real estate investor and developer Lightstone today announced the close of refinancing for 16 multifamily properties in Virginia. The $74.5 million loan is financed by Freddie Mac, arranged through Greystone.

Lightstone's Virginia portfolio includes 1,768 units and represents a diverse mix of student housing, affordable housing and workforce housing that includes both townhouse- and garden-style layouts.

Lightstone refinances 16 multifamily properties in Virginia

"This refinancing demonstrates Lightstone's continued commitment to making smart investments in increasingly strong performing and diversified portfolios," said David Lichtenstein, Lightstone Chairman and CEO. "Properties like these are well-positioned for sustained and stable economic growth, attributes that define our large national portfolio of multifamily residences."

The properties are located along the I-81 corridor and in Southern Virginia with immediate access to some of the state's most sought-after locales, including Roanoke, Harrisonburg, Blacksburg, and Virginia Beach. Many are near major education and employment hubs, including James Madison University, Virginia Tech, Liberty College and Roanoke College, as well as numerous private sector headquarters and medical facilities.

About Lightstone:
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 28 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 175 existing properties, Lightstone's $3 billion portfolio currently includes over 6 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 4,000 hotel keys. Lightstone also owns over 12,000 land lots across the country.

Headquartered in New York City, Lightstone continues to grow its development portfolio with approximately $3 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.

Contact:
Teddy Wilson
(212) 704-4564
[email protected]

SOURCE Lightstone