DETROIT, Aug. 9, 2018 /PRNewswire/ -- National real estate investor and developer Lightstone today announced the close of refinancing for five multifamily rental properties in the Detroit, Michigan, area. The $80 million loan is financed by commercial mortgage-backed securities loans, arranged through Citi Real Estate Funding.
The five multifamily residential apartment communities are located in some of Detroit's strongest markets, including Royal Oak, Canton and Livonia. These five properties represent a total of 1,179 units to Lightstone's national holdings. The garden style communities feature a mix of spacious and well-appointed one-, two-, and three-bedroom units. Community amenities include clubhouses, fitness centers and yoga studios, outdoor pools, grilling areas, business centers and game rooms.
"This refinance represents our long-term commitment to our 4,400 unit Metro Detroit portfolio, and we look forward to continuing our investment with renovations and amenity enhancement programs that will raise the bar for quality apartment rental living," said David Lichtenstein, Lightstone Chairman and CEO. "As we continue to grow our large national portfolio of multifamily properties, apartment communities like these are exactly the sort of opportunity that we are focused on."
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.