NEW YORK CITY—Lightstone reports it has secured acquisition financing for its recent purchase of the Hilton Garden Inn in Long Island City as well as a new $140-million credit facility that supports the three-year expansion of the firm's national hospitality portfolio.
The $35-million acquisition financing and the new $140-million new credit facility for the Lightstone Value Plus REIT II was provided to the New York City-based real estate investment and development firm by Western Alliance Bank of Phoenix. The acquisition loan has a five-year term.
Lightstone announced earlier this month it was acquiring the 183-key Hilton Garden Inn in Long Island City for $60 million. Lightstone's Long Island City portfolio also includes the 428-unit multi-family rental property, ARC, in the Dutch Kills section of Long Island City. Lightstone also developed the Gantry Park Landing, a luxury waterfront rental property in Long Island City in 2011.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
