Newmark Arranges Greystar Bridge Loan for Lightstone's 293-Unit Citadel Apartments in Houston

Newmark announced Oct. 28 that it has arranged a bridge loan to refinance Citadel Apartments, a 293-unit Class A multifamily community at 2220 Pinegate Drive in Houston's Heights submarket. The borrower is The Lightstone Group, and Greystar provided the financing through its debt fund platform.

Newmark Team Secures Bridge Financing for The Lightstone Group

Newmark Managing Director James Maynard and Vice President Robert Wright secured the financing on behalf of the borrower, according to the firm. They worked alongside Vice Chairman Matt Williams, Managing Director Kyle Schlitt and Associate David Williams.

"The outcome and depth of competition among lenders for this financing exemplifies the continued liquidity for performing assets owned and operated by institutional sponsors," Maynard said. "We were pleased to represent Lightstone in refinancing the asset, retiring the financing we arranged at the time of their off-market acquisition in 2021, and to secure additional term through a new lending relationship."

The new bridge loan replaces the financing Newmark arranged when The Lightstone Group acquired the property off-market in 2021 and provides the owner with additional term.

Citadel Apartments Property Details

Citadel Apartments, built in 2019, is a five-story community offering one-, two- and three-bedroom residences ranging from roughly 603 to 1,474 square feet. Units feature Samsung stainless-steel appliances, full-size in-unit washers and dryers and custom shaker-style cabinetry.

Community amenities include a resident parlor with billiards, a community kitchen and co-working space, a resort-style pool and outdoor grilling areas, as well as controlled-access parking and private climate-controlled storage. Advertised rents at the property currently span roughly $1,290 to $2,514 per month, depending on floor plan and availability.

The property sits in The Heights, one of Houston's more established urban submarkets, with access to major employment centers and an affluent renter base. The property's ZIP code is 77008, near the North Loop and Houston Heights.

Heights Submarket Fundamentals

Newmark said The Heights submarket absorbed approximately 1,300 units over the past year against roughly 830 deliveries, a difference of about 470 units that the firm said is contributing to improving occupancy and rental fundamentals.

Multifamily Capital Markets Backdrop

Newmark said the transaction comes amid continued strength across U.S. multifamily capital markets. Citing Newmark Research, the firm reported that first-half multifamily absorption exceeded 279,000 units, the second-highest total on record, while the under-construction pipeline declined to approximately 2.7% of existing inventory.

Multifamily debt originations increased 26% year over year, according to the research. First-half investment sales volume reached $72.1 billion, representing 28.1% of all U.S. investment sales volume.

Greystar's participation through its debt fund platform reflects the role of alternative lenders in financing newer multifamily collateral, alongside the lender competition Maynard described for institutionally owned, performing assets.

About the Firms

The Lightstone Group, founded by David Lichtenstein, is a privately held real estate company headquartered in New York City and active in 29 states. The company reports 258 existing properties in a portfolio of more than $12 billion, including more than 25,000 residential units, more than 5,100 hotel keys and more than 17 million square feet of industrial, life sciences and commercial space. Its development portfolio includes more than $3.5 billion developed in the residential and hospitality sectors across New York City, Los Angeles and Miami.

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisor and service provider to institutional investors, owners, corporations, occupiers and lenders. For the twelve months ended June 30, 2026, the firm generated revenues of more than $3.6 billion and, together with its business partners, operated from over 195 offices with more than 10,000 professionals across four continents.

Sources

Newmark press release, "Newmark Arranges Refinancing of Citadel Apartments in Houston," Oct. 28, 2026: https://www.nmrk.com/insights/press-releases/newmark-arranges-refinancing-of-citadel-apartments-in-houston