New York-based Lightstone Capital provided $76 million in mortgages for four properties in Los Angeles
The largest mortgage was $49 million for a portfolio consisting of a mixed-use development site in Santa Monica and two multi-family properties in Sawtelle.
The Santa Monica site, at 201 Colorado Ave. at 7th Street in downtown Santa Monica, is entitled to 159 units spread over two buildings.
Sawtelle properties are located at 1421 and 1427 Barry Ave.
Justin Piasecki of Lev and Richard Sutton and Rahim Thobani of RST Capital Partners arranged the financing.
The developer of the wallet is WS Communities. Santa Monica-based NMS Residential will manage the properties.
Neil Shekhter is the Founder and Managing Director of NMS Properties. His sons Alan, Alexander and Adam Shekhter, along with Scott Walter, founded WS Communities.
“One of our strengths at Lightstone Capital is our ability to adapt to the needs of our clients,” Eugene Rozovsky, the firm’s senior managing director, said in a statement.
“For WSC, we were able to provide a creative solution, which gave them a single loan that allowed them to execute two separate business plans – one for each unique asset. The fact that this is the third financing we have achieved with WSC indicates that we continue to meet their high expectations.
Separately, Lightstone also provided a $27 million first mortgage for a warehouse in Vernon owned by a group of private investors.
The 105,000 square foot warehouse sits on 12 acres on Alameda Street.
The property is 100% leased by three tenants, according to Lightstone.
Edward Choi of Amherst Real Estate Capital arranged the financing.
“Key to this project was our ability to close it on a very tight timeline,” said John Zubak, vice president of West Coast Origins at Lightstone Capital, who led the transaction for the company, in a statement. “Listening to customer needs is at the heart of what we do.”
Lightstone Capital provides loans for properties ranging from $5 million to $100 million in entry markets. The company issued more than $200 million in loans in the first quarter.