National real estate investor/developer secures revolving credit facility with GE Capital Franchise
New York, N.Y. – Today, Lightstone Value Plus Real Estate Investment Trust II, Inc. (“LVPR II”) announced it has entered into a $60 million revolving credit facility with GE Capital Franchise Finance, which provides a line of credit over the next three years with two- and one-year options to extend.
This new credit facility will help increase Lightstone’s liquidity at attractive terms and pricing while allowing for greater financial flexibility to support long-term growth.
“We are pleased with the completion of our second credit facility with GE, which will be used to support our value-add investment approach, as we work to expand our footprint in New York and throughout the country,” said David Lichtenstein, Chairman and CEO of Lightstone. “This transaction shows the confidence GE Capital Franchise Finance has in Lightstone and our ability to successfully acquire and develop assets across the nation.”
About LVPR II
LVPR II is a public, non-traded REIT sponsored by Lightstone that offers shareholders an opportunity to invest in a diversified portfolio of real estate. It is currently closed to investors.
For more information, visit www.lightstonecapitalmarkets.com.
Lightstone is one of the most highly-regarded and diversified real estate companies in the United States. Since 1988, founder David Lichtenstein has grown Lightstone to one of the largest privately-held real estate companies in the country, with holdings in 21 states. Operating in all sectors of the real estate market, Lightstone’s $2 billion portfolio currently includes over 6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 3,200 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence with $1.7 billion worth of projects currently under development in the residential and hospitality sectors.
All statements contained in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or variations thereof. These statements are based on LVPR II’s current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on any forward looking statements.