Gortikov Capital Arranges $141M ReCap of SAMO Apartments

Gortikov Capital has arranged a $141 million recapitalization of the SAMO Apartments Portfolio, an 11-property, 399-unit affordable multifamily residential complex in Santa Monica, CA. The firm worked on behalf of WS Communities, LLC to secure the two-year floating rate, senior bridge loan through a US-based Debt Fund.

The recap included the $127.6 million senior loan and a $13.8 million preferred equity investment, directly provided by Gortikov Capital. A portion of the financing will be set aside in reserve to develop new accessory dwelling units throughout the properties.

The SAMO Apartments Portfolio is the largest portfolio of deed restricted affordable multifamily units in Santa Monica. The residences feature modern, premium finishes include hardwood-style floors and expansive windows. The location in the Downtown and Bergamot districts provides convenient access to the Expo Line, the 10 and 405 freeways and the Santa Monica beaches.