September 17, 2019
New York-based Lightstone Capital provided a $44 million senior loan to WS Communities to refinance two multifamily development sites in Santa Monica. The multifamily sites, which include an affordable component, are located just blocks from the Pacific Ocean at 1650 Lincoln Blvd. (pictured) and 1543-1547 7th St.
Lightstone Capital’s Eugene Rozovsky says, “We are pleased to be working with WS, one of the more prominent and innovative multi-family developers in the Los Angeles Metro area. We see a lot of opportunities in the Los Angeles market, and the high-barrier-to-entry market of Santa Monica in particular.”
Avison Young’s Ethan Blum and Justin Piasecki brokered the transaction. Rahim Thobani of RST Capital Partners also acted as an advisor.
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