Dwight Capital Lends $22M on LA Apartment Complex Buy
Deal is part of $45M in financing the lender has provided for borrower’s Southern California multifamily investments.
By Andrew Coen September 17, 2021 3:53 pm
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MC Investment Partners (MCIP) has landed $21.67 million of bridge acquisition financing for its development of a multifamily asset in Los Angeles, Commercial Observer can first report.
Manhattan-based Dwight Capital supplied the debt package for MCIP’s Bristol Apartments project. Dwight Managing Director Brandon Baksh originated the transaction for the 101-unit gated apartment complex on 340 S La Fayette Park Place, which features a swimming pool and covered parking.
MCIP plans to execute a capital expenditure plan to complete both interior and exterior improvements, with the intention of keeping the property competitive within the Greater Los Angeles market, according to Dwight.
Baksh closed another deal this month for MCIP in the LA region, providing a $23 million bridge refinancing loan on its Bella Vista on Bancroft Apartments, an 87-unit gated garden-style apartment community in San Leandro, Calif. The property, located at 2199 Bancroft Avenue, comprises one three-story building situated on 1.86 acres in the Fremont/Hayward submarket near major employers Tesla Motors factory, Amazon (AMZN) and Facebook.
Dwight has now closed six transactions on behalf of MCIP in 2021. Baksh also recently closed on a $17 million bridge loan for the developer’s Spring Ridge Apartments located on 794 Fletcher Lane in Hayward, Calif.
San Diego-based MCIP did not immediately respond for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
