New York-based Square Mile Capital Management has originated a $82.2 million loan secured by The Watermark, a soon-to-be-delivered 250-unit multifamily building located in Reseda, CA.
The loan was made to a joint venture between Gelt and Uhon, Inc. The partnership began construction of the property in 2017 and expects to commence leasing in the first quarter of 2021.
Square Mile Capital principal Tom Burns said, “The Gelt/Uhon partnership has done an excellent job so far developing the property and it should be well-received by the market when it is delivered early next year. It is one of the first new multifamily deliveries in the Reseda submarket in almost a decade, and the San Fernando Valley has historically had one of the lowest vacancy rates in the Los Angeles metro. We are very excited to announce this debt investment, our first with Gelt and Uhon, Inc.”
The property is located on the corner of Reseda Blvd. and Kittridge St. and benefits from its location directly to the northwest of the intersection of I-405 and 101. The property is 2.3 miles from the Providence Cedars-Sinai Tarzana Medical Center, a $540 million redevelopment and expansion to the existing Tarzana medical campus that will be completed in 2022.