Two Development Sites in Santa Monica Secure $44 Million Loan

Two Development Sites in Santa Monica Secure $44 Million Loan
A rendering of 1650 Lincoln Blvd.

WS Communities has received a $44 million loan to refinance two multifamily development sites in Santa Monica.

The loan was provided by Lightstone Capital Group.

“We see a lot of opportunities in the Los Angeles market, and the high-barrier-to-entry market of Santa Monica in particular,” said Eugene Rozovsky, a senior vice president at Lightstone Capital.

The sites are at 1543-1547 7th St. and 1650 Lincoln Blvd.

The project on Lincoln Boulevard will have 98 residential units and more than 6,000 square feet of retail. The project on 7th Street will have 100 units and more than 4,000 square feet of retail. Both will have affordable units.

It is WS Communities’ first deal with Lightstone.

Avison Young’s Ethan Blum and Justin Piasecki brokered the transaction. RST Capital Partners’ Rahim Thobani acted as an adviser.

Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans.

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