Dwight Refis LA-Area Apartments With $62M Loan

GR Properties USA has sealed $62 million of bridge debt to refinance a newly developed multifamily project in suburban Los Angeles, Commercial Observer has learned.

Dwight Investment Management, an affiliate of Dwight Capital, closed the loan for the 139-unit Lana property in Culver City, Calif. The financing was originated by Dwight’s Katie Goldenberg and will fund an interest reserve in addition to paying down both past debt and preferred equity on the development, according to Dwight. 

First Draw Capital negotiated the debt with a team led by Antonio Hachem and Kyle Redmond.

Hachem, co-founder and principal of First Draw Capital, said in a statement that the lending process by Dwight focused “on the strength of the project while working through a complicated structure.”

Located at 10375 Washington Boulevard 11 miles west of Downtown Los Angeles, the seven-story Lana property features a unit mix of 13 studios, 95 one-bedroom units and 31 two-bedroom units. The property also has 2,000 square feet of commercial space along with community amenities that include a pool, a cabana, a fitness center, a clubhouse, a rooftop recreation area, a bike repair shop, electric vehicle charging stations and coworking spaces.

GR Properties USA, which is run by Bill Wei, did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com