Lightstone Secures $75M Refi For VA Apartment Portfolio
The company has refinanced 1,768 affordable and market-rate units through a Freddie Mac loan arranged by Greystone.
New York-based The Lightstone Group has secured $74.5 million from Freddie Mac to refinance a 16-property portfolio of multifamily properties located throughout Virginia. Greystone arranged the funding, which was dispersed in separate, 10-year term loans for various affordable housing and market-rate rental properties.
Dan Sacks of Greystone’s New York office originated the deal.
The portfolio is comprised of 1,768 units serving a cross-section of multifamily housing needs, including student housing, affordable housing, and workforce housing. It is located throughout the I-81 corridor and in southern Virginia.
Earlier this summer the company refinanced a portfolio of five apartments in the Detroit area for $80 million in CMBS loans. Citi Real Estate Funding arranged the transaction.
Lightstone Group, one of the largest privately held real estate companies in the US, is headed by CEO and Chairman David Lichtenstein.