Lightstone Capital Finances $76 Million for Properties in California
New York City-based Lightstone just announced it has supplied mortgages in the amount of $76 million to four properties in Southern California through its real estate debt platform Lightstone Capital.
“One of our strengths at Lightstone Capital is our ability to adapt to the needs of our clients,” Eugene Rozovsky, Senior Managing Director and head of Lightstone Capital, said. “For WSC, we were able to provide a creative solution, which gave them a single loan that allowed them to execute two separate business plans – one for each unique asset. The fact that this is the third financing we have done with WSC indicates we are continuing to meet their high expectations.”
The financing includes a $49 million first mortgage for a mixed-use development in Santa Monica, a property on Seventh Street in downtown Santa Monica that is entitled for 159 units across two buildings. Included in the portfolio are two multifamily buildings, at 1421 and 1427 Barry Ave., in West Los Angeles’ Sawtelle neighborhood.
Another $27 million first mortgage was provided for a 105,000-square-foot, fully leased warehouse on 12 acres on Alameda Street in Vernon.