Mandri Capital is pleased to announce the closing of a $14.15M combined financing for a luxury apartment acquisition and value add in Santa Monica, CA. Mandri Capital’s deep roster of capital relationships – bridge lenders, preferred equity investors, and JV-equity investors – provided attractive options for sponsor to access financing for 97% of the total capitalization and close on this acquisition in a timely fashion.
The business plan for this property calls for a heavy renovation to unlock the property’s value, given the ocean views and access to world-class amenities. The combined financing was structured with a debt fund bridge lender, preferred equity to 85% LTC, a JV-Equity partner.
Mandri Capital performed a full rent comps survey to prove out top-of-market rents for residential properties in nearby beach cities. This work informed a comprehensive market survey of over 100 capital sources, vetting and identifying the most competitive options.
True to its reputation, the team at Mandri Capital diligently managed the closing process between these three capital sources maintaining the acquisition timeline.