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.”