$14,150,000 full capital stack placement for a luxury apartment
Transaction Description:
$14,150,000 full capital stack placement for a luxury apartment acquisition and renovation.
Luxury Apartment Acquisition and Value-Add
Santa Monica, California
Debt Fund Bridge Lender
Preferred Equity to 85% LTC
JV-Equity Partner
New Capital Relationships
Non-Recourse
Heavy Renovation
$14,150,000 full capital stack placement for a luxury apartment acquisition and renovation located in Santa Monica, CA. The structured financing arrangement included a debt fund bridge loan, preferred equity, and a JV-Equity partner – providing 97% of the total project capitalization.
A first-time client for Mandri Capital, this project demanded a full rent comp study to identify top-of-market rents in nearby beach cities. A comprehensive market survey of over 100 capital sources assisted in the identification of the most competitive options.
For more information about the process and this property, click here.
