Lightstone Capital Lends $30M on San Diego Apartments 

A joint venture involving architect Jeff Svitak, developer Jeremy Ricks and Cast Development has secured $29.8 million of construction financing to build a multifamily asset in San Diego, Commercial Observer has learned.

Lightstone Capital provided the loan to complete the construction and lease-up of the joint venture’s planned 85,000-square-foot Kaya property.

Located at 2700 Third Avenue in San Diego’s Bankers Hill neighborhood, the eight-story apartment complex will comprise 78 units and a parking garage. Community amenities will include coworking space, a shared kitchen and an on-site café. 

The transaction was led by John Zubak, director of western region at Lightstone Capital. 

The Kaya development is not the only San Diego multifamily asset Zubak closed a loan for in February.

Lightstone also supplied a $17.6 million bridge loan for Alliance Development Services to complete the construction and lease-up of a 50-unit apartment community at 10211 Rancho Carmel Drive in San Diego’s Carmel Mountain Ranch neighborhood.

“These are all high-quality assets situated in very strong markets with knowledgeable and respected sponsors, and we are confident that leasing efforts will exceed expectations,” Eugene Rozovsky, senior managing director of Lightstone Capital, said in a statement. “With this flurry of activity in the first months of the year, it is clear that 2025 is off to a strong start.” 

Greg LaMarca, president and CEO of Alliance, said the bridge loan would help stabilize the property to then be sold. 

Lightstone Capital, the debt platform of Lightstone Group, has deployed over $1.5 billion of volume since its inception in 2019.

Officials for Svitak, Ricks and Cast Development did not immediately return requests for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com