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Gortikov Capital Arranges $141.4M Recapitalization for Affordable Housing Portfolio in Santa Monica

Samo-Apts-Portfolio-Santa-Monica-CA

Located in Santa Monica, Calif., Samo Apartments includes 11 affordable multifamily communities totaling 399 residences.

SANTA MONICA, CALIF. — Gortikov Capital has arranged a $141.4 million recapitalization of the Samo Apartments portfolio, 11 affordable apartment communities in Santa Monica.

The recapitalization included a $127.6 million senior loan and a $13.8 million preferred equity investment. The borrower was WS Communities LLC.

Gortikov secured the two-year, floating-rate, senior bridge loan through a U.S.-based debt fund. Gortikov Capital directly provided the preferred equity.

Bryan Gortikov, president of Gortikov Capital, led the capital markets team representing the borrower. A portion of the financing will be set aside in a reserve to develop new accessory dwelling units throughout the properties.

Originally developed between 1997 and 2009, the 399-unit Samo Apartments Portfolio is the largest portfolio of deed restricted affordable multifamily units in Santa Monica, according to Gortikov Capital. The units feature hardwood-style floors and expansive glass windows.

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