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GR Properties USA secures $62 million bridge loan for Culver City apartments
The $62 million financing will refinance past debt and preferred equity while also funding an interest reserve for the 139-unit Lana project.
GR Properties USA has sealed $62 million of bridge debt to refinance a newly developed multifamily project in suburban Los Angeles, Commercial Observer reports.
The loan, closed by Dwight Investment Management, an affiliate of Dwight Capital, supports the 139-unit Lana property in Culver City, California, at 10375 Washington Boulevard, about 11 miles west of Downtown Los Angeles.
According to the report, Dwight Capital’s Katie Goldenberg originated the financing, which will fund an interest reserve in addition to paying down both past debt and preferred equity on the development.
The seven-story Lana building includes 13 studios, 95 one-bedroom units, and 31 two-bedroom units, plus 2,000 square feet of commercial space and amenities such as a pool, fitness center, clubhouse, and electric vehicle charging stations.