US real estate firm Lightstone has launched a new $500 million rescue capital platform, targeting multifamily, industrial and hospitality assets across the country.
The platform will make investments across the capital stack within credit, preferred equity and equity positions.
Investment themes include right-sizing impaired equity or credit positions, deploying new capital to fund future capital expenditures or cap fees, recapitalizing stalled development projects and cash-in refinances.
The platform’s target investments will range between $20 million and $100 million with a preference for large portfolios.
Lightstone is active in 26 states across the country, investing, developing and managing across all asset classes, with over 25,000 multifamily units, 10 million square feet of industrial and commercial space, and 5,100 hotel keys under ownership, as well as a $3.5 billion development portfolio in New York, Los Angeles, and Miami.
What they said
Mitchell Hochberg, Lightstone president, said: “With market reports indicating that as much as $2.2 trillion in commercial real estate debt could mature by 2027, we see tremendous opportunity in this new venture to fill voids in the capital stack. Lightstone’s expertise as both an owner and lender will allow us to leverage our unique capabilities to creatively structure investments to meet complex capital requirements. Beyond that, as a private company, our fully discretionary capital provides both speed and flexibility that will prove to be invaluable to our counterparties.”