Lightstone Capital Refis San Diego Apartments With $34M Loan
Deal is part of nearly $70 million in financings closed by lender in July.
By Andrew Coen July 24, 2026 1:47 pm
reprints
Developer Jeff Svitak has landed $34.25 million of bridge debt for a newly completed San Diego multifamily project, Commercial Observer has learned.
Lightstone Capital originated the senior loan for Svitak’s Kaya Apartments development in San Diego’s Bankers Hill neighborhood. John Zubak, managing director and head of origination, western region at Lightstone Capital, originated the deal.
“From the outset, Kaya has been about creating housing that is deeply connected to the character of Bankers Hill while fostering a true sense of community,” Svitak said in a statement.
Located at 2700 Third Avenue, Kaya Apartments debuted last year with 78 units ranging from studios to two bedrooms. Community amenities at the fully-leased complex include coworking space, community lounge, a shared kitchen and on-site café.
Lightstone Capital also closed a $23.4 million senior bridge loan in July for Alliance Development Services‘ The Flats at TerraMar multifamily project in Carlsbad, Calif. Located at 5010 Avenida Encinas 32 miles north of San Diego, the 98-unit apartment community with 15 designated as affordable housing will involve converting a former Studio 6 hotel.
Last but not least, Lightstone also recently originated a $11.5 million senior bridge loan for Fuller Realty‘s acquisition of an industrial property at 300 S. Sheldon Road in Channelview, Texas. The property benefits from logistics demand drivers with its location near the Port of Houston and Houston’s growing economy, according to Lightstone Capital.
“These transactions demonstrate our ability to provide flexible financing solutions across multiple property types in markets where we have strong conviction,” Eugene Rozovsky, senior managing director at Lightstone Capital, said in a statement. “Whether it’s industrial facilities supporting critical supply chains or multifamily communities helping meet the growing demand for housing, we’re focused on financing assets that are positioned to perform over the long term.”
Andrew Coen can be reached at acoen@commercialobserver.com.
