NEW YORK, Sept. 16, 2019 /PRNewswire/ -- 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 just 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 and one of the largest and most diversified privately held real estate companies in the U.S.
"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."
Rozovsky said that Lightstone is excited to be part of a project aimed at providing best-in-class product catering to both the market-rate and affordable-housing demand, which remains underserved in the submarket.
Scott Walter (CEO) and Greg Proniloff (VP of Finance) of WS Communities, as well as Neil Shekhter, Founder of NMS Properties, noted this was their first deal with Lightstone, and said "the team there was professional, creative and an all-around pleasure to work with. 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."
Avison Young's Ethan Blum and Justin Piasecki brokered the transaction. Rahim Thobani of RST Capital Partners also acted as an advisor.
Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. Launched in 2018 with over $500 million of fully discretionary capital, Lightstone Capital originates senior loans, mezzanine loans, and preferred equity on virtually all property types throughout the United States and acquires notes backed by real estate.
Leveraging over 40 years of investment experience and over $10 billion of real estate transactions, its fully integrated platform enables it to provide borrowers with the efficiency and certainty of closing they require to facilitate successful business plan execution. Lightstone Capital provides an array of attractive financing options through several programs tailored to meet specific borrower demands. With the ability to close as quickly as five business days from term sheet execution, the platform offers interest-only loans, non-recourse options, and prepayment flexibility, and can accommodate future funding requirements.
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 28 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 178 existing properties, Lightstone's over $6 billion portfolio currently includes over 4.5 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 4,300 hotel keys. Lightstone also owns over 12,000 land lots across the country.
Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.
To learn more about Lightstone Capital, please visit http://www.lightstonegroup.com/lightstone-capital/
To learn more about WS Communities, please visit http://www.wscommunities.com
To learn more about NMS Properties, please visit http://www.nmsproperties.com