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Veleta Capital Provides $13M Bridge Loan for Northridge Refi

Veleta Capital Provides $13M Bridge Loan for Northridge Refi

Veleta Capital Partners has provided a senior-secured, $12.6 million floating-rate bridge loan for the refinance and renovation of the Valleywood Apartments, a 42-unit multifamily community in Northridge, CA. The undisclosed sponsor will use loan proceeds to complete an interior renovation and convert garage space into ADU’s.

The property on Lassen Street features one- and two-bedroom units and is located across the street from Cal State Northridge, which has the largest undergraduate population of the 23 Cal State University campuses.

“Veleta Capital Partners continues to advance our apartment lending strategy, providing acquisition, runway and situational capital to apartment investors and sponsors,” said Veleta Capital CEO Brian Murphy. “In this case, the sponsor is a highly experienced owner that required additional time and capital to complete the renovation and conversion plan. We support investors that are working to meet housing demand in supply-constrained markets like Los Angeles.”


Inside The Story

Veleta Capital PartnersValleywood ApartmentsBrian Murphy

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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