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SANTA MONICA, CALIF. — Mandri Capital has arranged $14.1 million in combined financing to capitalize the acquisition and renovation of an apartment building located at 927 Ocean Ave. in Santa Monica. The borrower is Axis Development Group.
The structured financing included a debt fund bridge loan, preferred equity and a joint-venture equity partner — providing 97 percent of the total project capitalization.
Axis plans to restore the property, which was originally constructed in 1922. The renovation will provide residents with ocean views and access to world-class amenities. Upon completion, the property will offer 20 residences.