Newmark Arranges Refinancing of Citadel Apartments in Houston

October 28, 2026 9:00 AM

Newmark announces the Company has arranged a bridge loan to refinance Citadel Apartments, a 293-unit Class A multifamily community located at 2220 Pinegate Drive in Houston's highly sought-after Heights submarket.

Newmark Managing Director James Maynard and Vice President Robert Wright secured the financing on behalf of the borrower, Lightstone, alongside Vice Chairman Matt Williams, Managing Director Kyle Schlitt and Associate David Williams. Greystar provided the financing through its debt fund platform.

"The outcome and depth of competition among lenders for this financing exemplifies the continued liquidity for performing assets owned and operated by institutional sponsors," said Maynard. "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."

Constructed in 2019, Citadel offers one-, two- and three-bedroom residences finished with premium features, including 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.

The property benefits from its location in The Heights, one of Houston's most established urban submarkets, with convenient access to major employment centers and an affluent renter base. The submarket has absorbed approximately 1,300 units over the past year against roughly 830 deliveries, contributing to improving occupancy and rental fundamentals.

The transaction comes amid continued strength across U.S. multifamily capital markets. According to Newmark Research, 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, while first-half investment sales volume reached $72.1 billion, representing 28.1% of all U.S. investment sales volume.

About Lightstone
Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 29 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 258 existing properties, Lightstone's over $12 billion portfolio currently includes over 17 million square feet of industrial, life sciences, and commercial properties, over 25,000 residential units, and over 5,100 hotel keys. Lightstone's development portfolio includes over $3.5 billion developed in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at nmrk.com or follow @newmark.

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