August 10, 2018
Lightstone said Thursday that it had closed on refinancing for five multifamily rental properties in the Detroit area. The $80-million loan is financed by CMBS arranged through Citi Real Estate Funding.
The five communities are located in some of Detroit’s strongest markets, including Royal Oak, Canton and Livonia, MI. These five properties represent a total of 1,179 units within Lightstone’s national holdings, which also include office and retail properties.
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’s chairman and CEO.
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