Lightstone Group Completes $23 Million Refinance of Three Retail Shopping Centers in Massachusetts and Connecticut

NEW YORK--()--The Lightstone Group announced today that it has completed the refinancing of three retail shopping centers located in North Attleboro, Massachusetts, and Manchester, Connecticut.

The financing was arranged with Bank of the Ozarks for a three-year, $23 million floating rate loan. The centers, totaling 270,000 Square Feet, are located in strong retail areas boasting solid surrounding demographics.

“This financing highlights Lightstone’s exceptional ability to navigate the debt markets and capitalize upon renewed bank interest in commercial lending,” said David Lichtenstein, Lightstone’s Chairman and Chief Executive Officer. The company recently completed approximately $100 Million of financing across its portfolios, he added.

Christmas Tree Shops Plaza, at about 98,000 square feet in size, and Cumberland Avenue Plaza, approximately 59,200 square feet in size, are highly visible and easily accessed directly off of Route 1 in North Attleboro, MA, and are within two miles of Interstate 95 and Interstate 295. Hale Road, which totals about 112,000 square feet, is conveniently located directly off Interstate 84 in Manchester, CT, a dominant retail submarket within Greater Hartford, and has excellent visibility from the highway.

Overall occupancy for the portfolio currently stands in excess of 94%, and all three centers are anchored by strong, nationally recognized retail tenants. Two centers are anchored by a Christmas Tree Shops, which is owned by the national retailer Bed Bath & Beyond. The third location is anchored by Tuesday Morning, a leading closeout retailer with over 850 stores across the United States, specializing in selling deeply discounted home furnishings, house wares, and gifts. Other national tenants at the centers include Guitar Center, FedEx Kinko’s, and David’s Bridal.

Lightstone acquired these assets in October 2000, and has consistently added value through increasing the centers’ occupancy, enhancing the quality of the tenancy, and controlling operating costs.

About The Lightstone Group

The Lightstone Group, one of the largest privately held real estate companies in the U.S., with a diversified portfolio of retail, hospitality, office, industrial and residential real estate assets, including more than 8.1 million square feet of commercial space and more than 11,000 multi-family units in 19 states.

The Lightstone Group manages its business through operating platforms, each focused on a specific real estate asset class. Headquartered in New York, The Lightstone Group employs more than 500 professionals. For more information, visit www.lightstonegroup.com.

Contacts

DKC Public Relations
Ed Tagliaferri, 212-981-5182
edmund_tagliaferri@dkcnews.com

Release Summary

David Lichtenstein, CEO of The Lightstone Group, has secured $23 million in refinancing for three properties. The retail shopping centers are in Massachusetts and Connecticut.

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Contacts

DKC Public Relations
Ed Tagliaferri, 212-981-5182
edmund_tagliaferri@dkcnews.com