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Lightstone Expands Credit Facility; Secures LIC Hotel Financing

The $35-million acquisition financing and the new $140-million new credit facility for the Lightstone Value Plus REIT II was provided to the New York City-based real estate investment and development firm by Western Alliance Bank of Phoenix.

The $35-million loan from Western Alliance Bank helps fund the recent $60-million purchase of the Hilton Garden Inn on 41st Avenue in Long Island City. The $35-million loan from Western Alliance Bank helps fund the recent $60-million purchase of the Hilton Garden Inn on 41st Avenue in Long Island City.

NEW YORK CITY—Lightstone reports it has secured acquisition financing for its recent purchase of the Hilton Garden Inn in Long Island City as well as a new $140-million credit facility that supports the three-year expansion of the firm’s national hospitality portfolio.

The $35-million acquisition financing and the new $140-million new credit facility for the Lightstone Value Plus REIT II was provided to the New York City-based real estate investment and development firm by Western Alliance Bank of Phoenix. The acquisition loan has a five-year term.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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