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Lightstone Capital provides $34.25M bridge debt for Kaya Apartments
The $34.25 million senior bridge loan backs Kaya Apartments in San Diego’s Bankers Hill neighborhood, where the fully leased project opened last year with 78 units.
Lightstone Capital has originated a $34.25 million senior bridge loan for developer Jeff Svitak’s newly completed multifamily project, Kaya Apartments, Commercial Observer reported.
The development is in San Diego’s Bankers Hill neighborhood at 2700 Third Avenue and debuted last year with 78 units, ranging from studios to two-bedroom apartments.
Kaya Apartments is fully leased and includes amenities such as coworking space, a community lounge, a shared kitchen, and an on-site café, according to Commercial Observer.
In addition to the Kaya financing, the outlet said Lightstone Capital also closed other bridge loans for Svitak, including a $23.4 million loan in July for The Flats at TerraMar in Carlsbad and an $11.5 million loan for an industrial property acquisition in Channelview, Texas.