NEW YORK—Lightstone Value Plus REIT Inc., sponsored by The Lightstone Group, has entered into a $45 million revolving credit facility with GE Capital Franchise Finance. The facility provides a line of credit over the next three years with two one-year options to extend.
“We are pleased with the completion of this GE credit facility, which will be used to support our value-add investment approach, both in New York and throughout the country,” said David Lichtenstein, chairman and CEO of The Lightstone Group. “This transaction shows the confidence GE Capital Franchise Finance has in Lightstone and our ability to successfully acquire and develop assets across the nation.”
The Facility provides Lightstone Value Plus REIT, a public, non-traded REIT, with greater flexibility when seeking financing arrangements for its real estate activities.
Founded in 1988, The Lightstone Group’s portfolio consists of more than 11,000 multifamily units, 8.1 million sq. ft. of office, hotel, retail and industrial assets.