Lightstone Capital has provided a $44 million senior loan to WS Communities to refinance two multi-family development sites in one of the most sought-after locations in Santa Monica, CA.
The multi-family sites, which include an affordable component, are located blocks from the Pacific Ocean at 1650 Lincoln Boulevard and 1543-1547 7th Street, in Santa Monica.
Lightstone Capital is the real estate debt platform of Lightstone, the national real estate investor and developer.
“We are pleased to be working with WS, one of the more prominent and innovative multi-family developers in the Los Angeles Metro area,” said Eugene Rozovsky, Senior Vice President of Real Estate Debt at Lightstone Capital.
“We see a lot of opportunities in the Los Angeles market, and the high-barrier-to-entry market of Santa Monica in particular.”
Scott Walter (CEO) and Greg Proniloff (VP of Finance) of WS Communities, as well as Neil Shekhter, Founder of WS Communities noted this was their first deal with Lightstone
“We look forward to working on additional financings with them and would highly recommend Lightstone to any real estate group looking for a great process from origination to closing,” they said.
Avison Young’s Ethan Blum and Justin Piasecki brokered the transaction. Rahim Thobani of RST Capital Partners also acted as an advisor.