LAKEWOOD, NJ-The Lightstone Group, based here, is donating 50 apartment units at its Ascension Towers in Memphis, TN for use by victims displaced by Hurricane Katrina. The units are being made available on a rent-free basis for up to six months, according to David Lichtenstein, the company's chairman and principal.

"We have seen the news reports of the devastation, and we have been moved to action," Lichtenstein says. "We are fortunate to have the ability to house families affected by this traumatic event. We are also working with the City of Memphis to ensure basic supplies will be on-site for victims."

Separately, Lightstone is also matching employee donations to the American Red Cross, up to a maximum of $100,000. Besides Lightstone, the group's other companies include Prime Retail Inc., Prime Group Realty Trust, Park Avenue Funding LLC, Park Avenue Bank, Lightstone Securities and Lightstone Value Plus REIT.

The Baltimore-based Prime Retail, meanwhile, has launched local drives at its shopping centers to collect money and supplies for victims of the hurricane, according to Bob Brvenik, Prime's president.