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The Lightstone Group Plans Million-Dollar Renovation for Paterson, NJ Apartment Complex
90-year-old Building Will Receive Complete Makeover LAKEWOOD, NJ — July, 2005 -- The Lightstone Group, a diversified real estate company headquartered in Lakewood, NJ, has announced a million-dollar renovation for the Aspen Hamilton Apartments in Paterson, NJ. The 90-year-old facility, formerly an old clothing factory, will receive comprehensive improvements to its interiors and exteriors. David Lichtenstein, chairman and principal of The Lightstone Group, commented, “Where there is a problem, there is a solution. I’m happy the residents of the community will be getting the TLC they deserve.” Aspen Hamilton recently concluded a HUD “Mark Down to Market” program, which affords the property the opportunity to lower tenant rents for appropriate marketing, as well as make much-needed improvements through the restructuring of the property’s debt service. The project was led by Theresa McCormick, administrator of property management of Lightstone, and Adriana Peters, general counsel of Lightstone. Renovations to the property are scheduled to begin in August 2005 under the direction of Sam Moerman, senior VP of property management. The complex currently consists of 5 three-bedroom units, 34 two-bedroom units and 30 one-bedroom units. Located at 280 12th Avenue in Paterson, NJ, improvements will include a complete new building exterior, roof, windows, HVAC system, elevators, kitchens and enhanced security, which will include a rolling gate and key-card entry system.
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