Chicago & Midwest + Midwest + Finance | August 10, 2018

CMBS Refi for Lightstone Apts. in Detroit Area

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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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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