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Deals & Dealmakers

Lightstone Capital Refinances NEXII Certified Manufacturing Green Plants for U.S. expansion plans

$12 million financing by Lightstone’s real estate debt platform supports expansion of sustainable building solutions and
creation of hundreds of U.S. green jobs

Lightstone Capital, the real estate debt platform of Lightstone, announced today that it has provided a $12 million mortgage supporting the expansion of green building product manufacturing facilities within the Nexii  Certified Manufacturer (NCMs) program of Canadian-based Nexii Building Solutions (Nexii).

Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. Loans range in size from $5 million up to $100 million and are secured by real estate assets located in gateway markets. 

Nexii owns and operates corporate plants to manufacture and distribute innovative, sustainable building solutions to help reduce the climate impacts of buildings and construction. Given the urgent demand for green building products, Nexii also works with independent NCM licensees to develop and operate plants across the U.S. and Canada. This supports rapid expansion and supply of sustainable building products, while creating green new jobs in NCM communities.

NCM facilities are owned and operated by independent companies authorized to manufacture sustainable building products made using Nexii’s designs, processes, and Nexiite, a breakthrough, proprietary building material. Nexiite has comparable properties to concrete but contains no Portland cement, significantly reducing end-to-end carbon emissions. Nexiite is used in Nexii panels creating durable, energy-efficient, disaster-resilient buildings and retrofits.

The first NCM location to open is in Hazleton, PA, developed and operated by NEXUS-1 under John Wolfington and Dan Metzler. Lightstone financing supported the NEXUS-1 Hazleton facility, while also aiding in expansion of a second in Commerce, TX. These NEXUS-1 plants immediately bring hundreds of high-skill green jobs to their regions. Additional jobs are expected to be added in future as the plants scale while ancillary jobs are also generated through client construction projects driven by NEXUS-1.

The Hazleton property is a 180,000-square-foot, Class B industrial/light manufacturing flex building plant on 13.8 acres. Located at 101 Carleton Avenue, it recently underwent a capital improvement program in excess of $3 million in addition to approximately $6 million of manufacturing equipment and is now open and operational with more than 100 employees.

The Commerce property is a 309,000-square-foot, Class B industrial flex building located at 400 Maple Street, on a 47-acre site. The industrial-zoned property is undergoing an approximately $3.8-million renovation and is expected to be open and operating in the first half of 2022, bringing more than 100 jobs to the community.

“We were pleased to work with Lightstone on this financing and believe that they offered the best financial solution with the most flexibility to our recently established operating platform. We are excited about the future of our relationship with Lightstone as we look for financing for further business expansion,” said Wolfington, of NEXUS-1.

The deal was handled in Lightstone Capital’s New York office, which is led by Eugene Rozovsky, Senior Managing Director, who leads Lightstone Capital.

“Lightstone Capital was pleased to provide financing to NEXUS-1 for this recapitalization,” said Rozovsky. “We view our borrowers as partners and feel that our flexibility and creativity in structuring this loan will allow us to help them execute their business plan and ramp up operations at their plants.”

Lightstone Capital focuses primarily on senior bridge loans, mezzanine loans, and preferred equity investments throughout the top 50 MSA’s in the United States. Since it launched in December 2018, Lightstone Capital has grown rapidly, developing a significant portfolio throughout the nation.  Lightstone Capital expanded by opening offices in Dallas and Los Angeles in 2021.

The NEXUS-1 transaction follows other deals closed recently by Lightstone Capital, such as:

  • $11.8 million senior loan to finance the acquisition of a multifamily property in San Antonio, TX (December 2021).
  • $13.6 million senior loan to refinance a 10-building multifamily portfolio in Brooklyn, NY (December 2021).
  • $26.5 million senior loan to refinance a substantially completed commercial property in Queens, NY (November 2021).
  • $9.3 million senior loan to refinance a boutique hotel property in Venice Beach, CA (October 2021).
  • $20.1 million senior loan to finance the acquisition of a multifamily property in Houston, TX (September 2021).
  • $18.0 million senior loan to refinance a substantially completed multifamily property in Harrison, NY (September 2021).
  • $25.0 million mezzanine loan for the acquisition of an industrial property in San Bernardino County, CA (August 2021).
  • $56.5 million condo inventory loan to refinance a substantially completed condo property in the Flatiron neighborhood of Manhattan, NY (May 2021).

For information on Nexii, visit www.nexii.com

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