Daily News: April 30, 2013

GE Capital Franchise Finance Closes Revolver With Lightstone

Lightstone Value Plus REIT, sponsored by The Lightstone Group, announced they have entered into a $45 million revolving credit facility with GE Capital, Franchise Finance. The facility provides a line of credit over the next three years, with two, one-year options to extend.

“We are pleased with the completion of this GE credit facility, which will be used to support our value-add investment approach, both in New York and throughout the country,” said David Lichtenstein, chairman and CEO of The Lightstone Group. “This transaction shows the confidence GE Capital Franchise Finance has in Lightstone and our ability to successfully acquire and develop assets across the nation.”

Lightstone and its affiliates have been one of the largest developers of outlet shopping centers in the United States over the last 10 years. The company has owned, managed and developed 25 outlet centers totaling over 8 million square feet.