Lightstone Capital, the real estate debt platform of Lightstone, announced today that it has closed on a $42.5 million senior bridge loan for a newly built 148-unit multifamily property in Jersey City, NJ.
Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. Loans range in size from $5 million up to $150 million and are secured by real estate assets located in gateway markets.
The loan will provide the sponsor, Titanium Realty Group, a bridge as they lease the new 19-story building. Located at 413 Summit Avenue in Jersey City, the property will offer a mix of 80 studios, 46 one-bedroom units, 19 two-bedroom units, and 3 three-bedroom units. It also features 4,500 square feet of retail space on the ground floor.
Titanium Realty Group LLC is a privately held, fully integrated owner, operator, and developer of commercial and residential real estate with a focus on Transit Oriented Development (TOD) in the New York metropolitan area.
“We were very familiar with this submarket, having provided a bridge loan to the Namdar Group in July 2020 to refinance their 15-story mixed-use building MRK, also in Journal Square,” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital. “This allowed us to move very quickly in a highly competitive capital market process to provide an attractive financing solution to a strong sponsor with a top-notch product. Titanium Realty Group is an experienced developer with a proven track record, and we are looking forward to working together on more projects in the future,” he added.
“Lightstone Capital’s team executed the transaction in a very fast, efficient, and communicative manner,” said Diego Hodara, principal of Titanium. “From signing the term sheet to closing, the process was smooth and professional. We look forward to the opportunity to work together again.”
Meridian Capital Group’s Daniel Cohen and Tal Savariego arranged the loan.
Since it launched in December 2018, Lightstone Capital has grown rapidly, developing a significant portfolio throughout the East Coast. It has since opened offices in Los Angeles and expanded the New York office to provide coverage throughout the country. The platform has positioned itself as a creative and reliable capital resource with a proven track record, with over $1.2 billion in recent transactions. Lightstone Capital focuses primarily on senior bridge loans as well as mezzanine loans, and preferred equity investments throughout the top 50 MSA’s in the United States.
Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 212 existing properties, Lightstone’s over $7.5 billion portfolio currently includes over 12.5 million square feet of industrial, life sciences, and commercial properties, over 25,000 residential units, and over 5,300 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.
