Financing for WS Communities will complete renovation of six multifamily assets in Santa Monica and San Fernando Valley and development of multifamily site in Santa Monica
Madison Realty Capital (MRC) originated $150 million in financing for a Los Angeles property portfolio, comprised of six multifamily assets in Santa Monica and San Fernando Valley and a large-scale multifamily development site in Santa Monica.
The sponsor is WS Communities, an experienced developer and repeat MRC borrower who will use the funding to replace the existing debt and finalize the business plan for the properties which includes:
- Renovation of four multifamily properties at 1007 Lincoln Boulevard, 1038 10th Street, 1516 Stanford Street and 1433 Euclid Street in Santa Monica
- Development of a large-scale multifamily project on two sites at 3030 Nebraska Avenue and 3025 Olympic Boulevard in Santa Monica.
- Renovation of two multifamily properties at 11611 Blucher Avenue in Granada Hills and 7810 Topanga Canyon Boulevard in Canoga Park in San Fernando Valley.
“MRC continues to deliver flexible lending solutions and provide an unmatched certainty of closing in markets nationwide,” said
Josh Zegen, Co-Founder and Managing Principal. “We’re excited to finance this deal given the high barrier of entry and limited multifamily product in the area, as well as the opportunity to work with WS Communities once again. This transaction is also further demonstration of MRC’s ongoing commitment to the West Coast and continued national expansion.”
MRC opened its Los Angeles office in 2018 and the firm has closed $1.2 billion in transactional volume on the west coast since its launch.
Avison Young’s Justin Piasecki, Jay Maddox and Ethan Blum brokered the loan deal, with RST Capital Partners’ Rahim Thobani advising on the transaction.
