Lightstone Capital, the real estate debt platform of Lightstone, provided a $29-million senior bridge loan to a partnership between Pelican Communities and Brooks Street in September 2023. The funds will be utilized to refinance and renovate SALT Oceanside Apartments in Oceanside.
Pelican Communities and Brooks Street are two “sister” companies with a history of real estate partnership dating back to 1993. SALT Oceanside is a mixed-use building consisting of 52 apartment units with 7,803 square feet of fully leased ground-floor retail and a 444-spot parking structure. The property is convenient to Oceanside Pier and Oceanside Amtrak Station in the city’s revitalized downtown district.
“I am thrilled the team was able to execute this deal to facilitate the owner’s business plan,” said Eugene Rozovsky, senior managing director of Lightstone Capital. “This is a trusted sponsor partnership, and I look forward to seeing their vision for the property come to life.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).