Lightstone closes $800m refinancing of retail centers.The Lightstone Group, one of the largest private real estate owners in the country, has announced it has refinanced 10 outlet centers within its Prime Retail portfolio. The proceeds from the $631 million refinancing Refinancing An extension and/or increase in amount of existing debt. , valued at more than $800 million, will go towards upgrading and expanding these 10 retail shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into . The Lightstone Group's Angela Mirizzi-Olsen, senior vice president, chief investment officer, was responsible for closing the transaction. Wachovia was the lender and was represented by Chad Johnson
"Wachovia has been a great partner in the growth and development of The Lightstone Group's portfolio. It is a testament to our partnership with Wachovia, as well as our team of professionals at The Lightstone Group, that our Prime Retail portfolio continues to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the marketplace, differentiate itself among competitors and lead with their extraordinary growth." Johnson commented, "We are pleased to once again partner with The Lightstone Group on yet another successful transaction. "Lightstone's commitment to excellence is what keeps them shoulders above the competition. This transaction enables Lightstone to continue its portfolio-wide reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. strategy, to enhance its retail centers for the benefit of its guests, employees and surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. communities alike. We look forward to continuing to build on our relationship with Lightstone in the future." |
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