Market briefs
Heights Apartments: NY Investor secures Loan
In Houston, Newmark arranged a bridge loan to refinance the Citadel Apartments in the Heights area in a deal that signals the strength of the U.S. multifamily capital markets.
Newmark Managing Director James Maynard and Vice President Robert Wright secured the refinancing on behalf of New York-based Lightstone. The loan was obtained from Greystar through its debt fund platform.
In Located near Loop 610 North and T.c. Jester Boulevard, the 293, unit complex was built in 2019. Citadel offers one-, two- and three-bedroom units. Amenities include a parlor with billiards, a community kitchen and co-working space, a resort-style pool and outdoor grilling areas.
“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 purchase in 2021, and to secure additional term through a new lending relationship.”
The Heights submarket absorbed approximately 1,300 units over the past year against about 830 deliveries, as stated by Newmark.
Nationally, multifamily absorption exceeded 279,000 units in the first half of 2026, the second-highest total on record, while the under-construction declined to 2.7% of existing inventory, as stated by Newmark. Multifamily debt originations increased 26% year over year.
