WSC Secures $49M for Multifamily Development in LA
Lightstone Capital provided the funding for three housing projects on the Westside
Lightstone Capital has provided $49 million to finance three multifamily projects on Los Angeles’ Westside, Commercial Observer has learned.
The portfolio consists of one of WSC Communities’ mixed-use development sites at 1543-1557 7th Street in Downtown Santa Monica that is entitled for 159 units, plus two multifamily buildings at 1421-1427 Barry Avenue in the Sawtelle neighborhood of L.A.
“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,” said Lightstone Capital’s Eugene Rozovsky.
Justin Piasecki and Richard Sutton of Lev and Rahim Thobani of RST Capital Partners brokered the financing.
WSC Communities, an extension of prominent Santa Monica firm NMS Properties run by Neil Shekhter, is one of the most active multifamily firms on the Westside. The company recently secured a $50.3 million recapitalization for a 59-unit mid-rise in the upscale Brentwood neighborhood, about a half-mile from the Sawtelle property. Madison Realty Capital this year also agreed to provide $125 million for WSC to buy full interest in multifamily developments in Santa Monica and on the Westside, and for the construction of two other nearby projects.
Meanwhile, Lightstone Capital, the real estate debt platform of Lightstone, has closed more than $200 million in loans in the first quarter, and expects to hit $750 million this year.
Gregory Cornfield can be reached at email@example.com.