THE LIGHTSTONE GROUP RESTRUCTURES FINANCING OF
PLAINFIELD, NJ APARTMENT COMPLEX


PLAINFIELD, NJ, APRIL 19, 2005 – Continuing its strategic approach to asset management, The Lightstone Group, a diversified real estate company headquartered in Lakewood, New Jersey, has announced the refinancing of Netherwood Village, a 108-unit apartment complex in Plainfield, New Jersey. Manufacturers and Traders Trust Company provided the financing for the property. The property was acquired from Netherwood Village Associates Urban Renewal Company, LLC in January.

Located at 825-855 East Front Street, Netherwood Village consists of 14 three-bedroom, 38 two-bedroom and 56 one-bedroom units. Netherwood Village is situated in close proximity to many of New Jersey’s major highways, as well as shopping centers and schools.

Angela Mirizzi-Olsen, senior vice president and chief investment officer, The Lightstone Group, was responsible for completing the financing for this transaction. Sam Moerman, vice president of property management, led the initial acquisition efforts on behalf of the Company.