Lightstone Secures $164M Refi for Metro Detroit Properties
- Jul 13, 2016
Detroit—Lightstone secured an aggregate $164 million refinancing of its multifamily communities in Metro Detroit from three separate lenders. A major U.S. insurance company issued the largest part of the amount, a $122 million mortgage loan for 10 years. The other $42 million come from four individual Freddie Mac mortgage loans, each with a seven-year term, provided by Greystone.
“These partnerships demonstrate continued confidence in Lightstone and our ability to further expand our lending relationships,” David Lichtenstein, chairman & CEO of Lightstone, said in a prepared statement.
The New York-based real estate company’s owns 13 residential properties, totaling 3,600 units, in Detroit’s most dynamic submarkets such as Troy, Royal Oak and Livonia.
Lightstone is one of the largest privately-held real estate companies in the U.S. with a diverse portfolio worth more than $2 billion. The company also has $2.5 billion worth of projects under development, including a 10-story, 428-unit luxury residential community in Long Island City.
Lightstone is no stranger to premieres. It is also building 365 Bond, the first residential development on the Gowanus Canal in Brooklyn, New York. The structure is located in one of the city’s most sought after districts and it will feature a waterfront esplanade.