NEW YORK, Dec. 9, 2014 /PRNewswire/ -- The Lightstone Group ("Lightstone"), a privately held real estate company founded by David Lichtenstein, announced the closing of a $120 million loan from Canyon Capital Realty Advisors ("Canyon Capital Realty") to LSG 365 Bond Street LLC, an affiliate of Lightstone, for the construction of a 429-unit ground-up, multifamily development in the Gowanus neighborhood of Brooklyn.
The $120 million loan will be used to construct a 12-story mixed-use project that, in addition to the residences, will include 1,232 square feet of retail space, a 1,228 square feet community facility, and approximately 28,000 square feet of parking. The Project will offer high-end condo quality unit finishes, superior community amenities and a waterfront promenade park along the Gowanus Canal. This development is phase one of a two phase development planned in the area that upon completion will total 696 luxury residential units.
"We have a strong relationship with Canyon Capital Realty Advisors and are very pleased to have their support on this exciting project," said David Lichtenstein, Chairman and CEO of Lightstone. "This transaction is emblematic of the strong development opportunities still available in Brooklyn."
"We are pleased to have the opportunity to finance this transaction for Lightstone and work together on this transformational project," said Charlie Rose, director at Canyon Realty Advisors. "Canyon has a long history of investing in Brooklyn and its emerging neighborhoods and are happy to be part of the notable revitalization taking part in Gowanus for some time."
About Lightstone
As one of the largest and most diversified privately held real estate companies in the United States, Lightstone is active in 24 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial and retail. Headquartered in New York City, Lightstone also maintains a presence in key markets across the country, with regional offices in Chicago, Baltimore, Detroit, New Jersey, and Las Vegas. Lightstone's $2 billion portfolio currently includes over 6.8 million square feet of office, retail and industrial commercial properties, 10,600 residential units and 2,500 hotel keys, in addition to over 12,000 land lots across the country. Moreover, with a strong focus on the New York City market, Lightstone's development pipeline includes approximately $2 billion in projects in the residential, hospitality and retail sectors.
For more information, visit www.lightstonegroup.com.
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC (Canyon Capital Realty) is the real estate direct investing arm of Canyon Partners LLC (Canyon). Founded in 1990, Canyon and its affiliates are investment management firms headquartered in Los Angeles, with approximately $25 billion in assets under management.
Canyon Capital Realty focuses on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since inception, Canyon Capital Realty has invested over $5.2 billion of capital in over 207 commercial real estate and mortgage transactions with a total capitalization of $13.9 billion through its distinct real estate investment platforms.
