GR Properties USA has closed on a $62 million bridge loan to refinance a newly developed multifamily project in the Greater Los Angeles area, according to information from Commercial Observer.
Dwight Investment Management, an affiliate of Dwight Capital, arranged the loan for The Lana, a 139-unit residential complex in Culver City, California. The financing was originated by Katie Goldenberg of Dwight and will fund an interest reserve and pay off existing debt and preferred equity associated with the development, according to Dwight Capital.
First Draw Capital negotiated the debt financing with a team led by Antonio Hachem and Kyle Redmond. Antonio Hachem, Co-Founder and Principal of First Draw Capital, stated that Dwight’s underwriting process “focused on the strength of the project, navigating a complex structure”.
Property Details
The seven-storey Lana building, located at 10375 Washington Boulevard, approximately 11 miles west of downtown Los Angeles, includes 13 studio apartments, 95 one-bedroom units, and 31 two-bedroom units. The property is complemented by 2,000 square feet of commercial space.
The residential complex also offers a variety of community amenities, including a swimming pool, a cabana, a fitness centre, a clubhouse, a rooftop terrace, a bicycle repair shop, electric vehicle charging stations, and coworking spaces. GR Properties USA, led by Bill Wei, has not yet commented on the transaction upon request.
Parties Involved and Key Personnel
- —Katie Goldenberg (Dwight Capital)
- —Antonio Hachem (First Draw Capital)
- —Kyle Redmond (First Draw Capital)
- —GR Properties USA (Owner)
