Chelsea Village an example of Lightstone's work.The Lightstone Group has become one of the most successful owners/operators/managers in the real estate industry by succeeding in a myriad of property types. What differentiates The Lightstone Group in the marketplace is the company's ability to acquire and operate a variety of real estate projects including multifamily, industrial and retail. From urban centers to suburban markets, The Lightstone Group's portfolio is one of the most diversified in the industry. The 14-year-old, privately-held company has also built an enviable reputation as a turnaround specialist in the apartment market creating an unrivaled track record of success throughout the country. By acquiring properties in challenging urban areas and complexes that are in need of major repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. and renovations, The Lightstone Group is extremely sought after by local communities to turn around non-performing apartment complexes. A recent example of The Lightstone Group's turnaround expertise is evidenced at the Chelsea Village Apartments. This 261-unit, pre-WWII apartment complex is set on seven acres fronting Fairmount Avenue, situated behind the Tropicana Casino in Atlantic City Atlantic City, city (1990 pop. 37,986), Atlantic co., SE N.J., an Atlantic resort and convention center; settled c.1790, inc. 1854. Situated on Absecon Island, a barrier island 10 mi (16. , NJ. Prior to The Lightstone Group's ownership, the property had been in receivership receivership In law, state of being in the hands of a receiver, a person appointed by the court to administer, conserve, rehabilitate, or liquidate the assets of an insolvent corporation for the protection or relief of creditors. for approximately three years. The property's conditions were deplorable de·plor·a·ble adj. 1. Worthy of severe condemnation or reproach: a deplorable act of violence. 2. with over 100 vacant units, most of which were off line. Approximately a third of the garages were unusable because the roofs had actually collapsed. However, where others saw problems, The Lightstone Group saw opportunities. The Lightstone Group was selected by the local courts and placed in the position of performing before a skeptical administration that had heard all the same promises before. Lightstone set about to replace all the windows, many bathroom and kitchen fixtures and several roofs. Extensive exterior brick re-pointing work was also done. The worthless garages were removed to create surface parking spaces. This further added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
After an 18-month renovation period, the temporary acquisition/construction loan was replaced with permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. . The occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) at this point was about 97% and has remained at that level. This complex now continues to provide much needed housing to the Atlantic City community and a non-performing eyesore eye·sore n. Something, such as a distressed building, that is unpleasant or offensive to view. eyesore Noun something very ugly Noun 1. has been beautifully restored. "The Lightstone Group's efforts have made Chelsea Village a cleaner, healthier and safer place to live and I would like to congratulate the entire management team on this great accomplishment. Residents of Chelsea Village can now enjoy the quality of life that they deserve," commented Dennis M. Mason, 5th Ward Council Member. "I would like to congratulate my team on a job, well done. Their outstanding efforts and dedication made this dream a reality for Chelsea Village, the residents of Atlantic City and The Lightstone Group," stated Sam Moerman, director of property management, The Lightstone Group. As an area bonus, during the renovation, the Atlantic City governing body Noun 1. governing body - the persons (or committees or departments etc.) who make up a body for the purpose of administering something; "he claims that the present administration is corrupt"; "the governance of an association is responsible to its members"; "he renovated the waterfront park Waterfront Park can refer to any of a number of parks on a river or other body of water, including:
According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bruno de Vinck, senior vice president-special projects, The Lightstone Group, "The incredible turnaround success at Chelsea Village reflects our Company's unique ability to see value and opportunity where others might only see challenges. This blighted, neglected apartment complex has been completely repositioned and is now providing much needed, affordable rental housing for the Atlantic City community. We are proud to have worked with the community's local leadership to create a win-win success story." |
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