Madison Realty Capital Provides $150M Loan for Los Angeles-Area Multifamily Portfolio
SANTA MONICA, GRANADA HILLS AND CANOGA PARK, CALIF. — Madison Realty Capital has originated $150 million in financing for a Los Angeles-area multifamily portfolio consisting of six communities in Santa Monica, Granada Hills and Canoga Park, as well as a large-scale multifamily development site in Santa Monica.
WS Communities, a developer and repeat MCR borrower, is the sponsor. WS Communities plans to use the funding to replace the existing debt and finalize the business plan for the properties, including:
- Renovation of four multifamily properties at 1007 Lincoln Blvd., 1038 10th St., 1516 Stanford St. and 1433 Euclid St. in Santa Monica
- Development of a large-scale multifamily project on two sites at 3030 Nebraska Ave. and 3025 Olympic Blvd. in Santa Monica
- Renovation of two multifamily properties at 11611 Blucher Ave. in Granada Hills and 7810 Topanga Canyon Blvd. in Canoga Park.
Avison Young’s Justin Piasecki, Jay Maddox and Ethan Blum brokered the loan deal, with RST Capital Partners’ Rahim Thobani advising on the transaction.