NEW YORK CITY—National real estate investor and developer Lightstone has closed on an amended and extended $105 million in revolving credit financing.
The modified deal with Barclays Bank PLC will provide lines of credit over the next two years with one-year options to extend, the company states.
The new credit facility will provide Lightstone with liquidity for its current and future acquisitions and developments, while funding accretive growth with its shareholders, the New York City-based company notes. The $105 million will also allow for greater financial flexibility within the company to continue advancing operational and financial objectives.
“We are pleased with the modifications and extensions of the Barclays facilities, which will be used to support our value-add investment approach,” says David Lichtenstein, chairman and CEO of Lightstone. “We've had a strong relationship with Barclays for more than seven years and this recent commitment demonstrates their belief in our business model.”
In early May, Lightstone closed on the sale of the 42-story 1407 Broadway office building for a little over $330 million to Shorenstein.
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