West Side ‘Luxe Villas’ Lands $50M in Recapitalization Loans
Dropping “luxe” in a conversation often needs some quantification. Gortikov Capital has arranged a $50.25 million recapitalization of Luxe Villas in the Los Angeles, west-side town of Brentwood, Calif., according to a news release. (Quantification accomplished.)
The recap of the 59-unit, mid-rise Class A multifamily building includes a $45 million senior loans, as well as a $5.25 million preferred equity investment. Originally developed in 2006, Luxe Villas consists of both furnished and unfurnished one- and two-bedroom units featuring top-of-the-line amenities and premium apartment finishes
Gortikov Capital worked on behalf of WS Communities, LLC to secure the three-year, floating rate senior bridge loan through a US-based debt fund. The preferred equity was directly provided by Gortikov Capital. A portion of the financing will be reserved to extensively renovate unit interiors and common areas of the property.
Brentwood has 36,418 residents, according to Point2Homes.com. The town skews female, with a large majority of white-collar workers that maintain an average household annual income of $226,000.