Today, the newly constructed 148-unit multifamily building in Jersey City, New Jersey, received a $42.5 million senior bridge loan from Lightstone Capital, the company’s real estate lending platform.
Sponsors can get quick, innovative, and flexible financing options from Lightstone Capital. Real estate assets in gateway markets are used as security for loans ranging in size from $5 million to $150 million.
As they lease the new 19-story building, the sponsor, Titanium Realty Group, will have a bridge thanks to the financing. 80 studios, 19 two-bedroom units, 46 one-bedroom units, and 3 three-bedroom units will be available at the Jersey City building, which is situated at 413 Summit Avenue. On the ground floor, there is another 4,500 square feet of retail space.
With a concentration on Transit Oriented Development (TOD) in the New York metro area, Titanium Realty Group LLC is a privately owned, completely integrated owner, operator, and developer of residential and commercial property.
“We were quite familiar with this submarket,” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital. “We had issued a bridging loan to the Namdar Group in July 2020 for the refinance of their 15-story mixed-use skyscraper MRK, also in Journal Square. “This enabled us to respond swiftly in an extremely competitive capital market procedure to offer an alluring financing solution to a powerful sponsor with a first-rate product. We look forward to collaborating with Titanium Realty Group on further projects in future years because they are a seasoned developer with a successful track record, he continued.
Diego Hodara, principal of Titanium, praised the swiftness, efficiency, and communication with which Lightstone Capital’s staff carried out the deal. “The entire procedure, from signing the contract sheet to closing, was easy and professional. The chance to collaborate once more is something we eagerly await.
Daniel Cohen and Tal Savariego of Meridian Capital Group facilitated the loan.
With a fully integrated platform and more than $10 billion in equity and debt transactions under its belt, Lightstone Capital is able to offer borrowers the speed and certainty of completion they need to support the effective execution of their business plans.
Lightstone Capital has expanded quickly since its December 2018 start, building up a sizable portfolio along the East Coast. Since then, it has expanded the New York office and built offices in Los Angeles to give coverage across the nation. The platform has established a reputation as an innovative and trustworthy funding source with over $1.2 billion in the most recent transactions. In the top 50 MSAs in the United States, Lightstone Capital primarily focuses on senior bridge loans, mezzanine loans, and preferred equity investments.
One of the most varied privately held real estate enterprises in the United States was formed by David Lichtenstein and is called Lightstone. Lightstone, which has its headquarters in New York City, operates in 26 states across the US and engages in the development, management, and investment of properties in every segment of the real estate market, includes residential, commercial, retail, and hospitality. In its current state, Lightstone’s portfolio of 212 existing assets, valued at over $7.5 billion, consists of more than 12.5 million square feet of industrial, commercial facilities and life sciences, more than 25,000 residential units, and more than 5,300 hotel keys. Over $3.5 billion in projects in the residential and hotel sectors are now under construction in New York City, Miami, and Los Angeles as part of Lightstone’s development portfolio.