Lightstone Group Refinances 1,768 Affordable and Market-Rate Units Across Virginia

NEW YORK, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Greystone, a commercial real estate lending, investment, and advisory company, announced it has provided $74,481,000 in Freddie Mac financing for a 16-property portfolio of multifamily assets located throughout Virginia. The separate loans for the various affordable housing and market-rate rental properties were originated by Dan Sacks of Greystone’s New York office on behalf of The Lightstone Group. 

Greystone provided a combination of both affordable and conventional market-rate Freddie Mac loans each with 10-year terms. The portfolio is comprised of 1,768 units serving a cross-section of multifamily housing needs, including student housing, affordable housing, and workforce housing. Located throughout the I-81 corridor and in southern Virginia, the properties offer immediate access to Roanoke, Harrisonburg, Blacksburg and Virginia Beach, and are near major education and employment hubs.

“Given the current rising rate environment, we are thrilled to have helped Lightstone lock in a favorable rate for this deal in order to help them accomplish their goals,” said Mr. Sacks. “Working closely with Freddie Mac on this complex transaction involving over a dozen loans across both affordable and conventional assets was a true accomplishment, and we appreciate the cooperation of all parties involved.”

“It was great to partner with Greystone and Freddie Mac on another successful transaction, and their execution was stellar throughout the entire process,” said David Lichtenstein, Lightstone Chairman and CEO. “This refinancing demonstrates Lightstone’s continued commitment to making smart investments in increasingly strong performing and diversified portfolios.”

Lightstone Group is one of the largest privately held real estate companies in the United States.

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance. Its range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge, EB-5 and other proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.marotta@greyco.com