Lightstone Capital, the real estate debt platform of Lightstone, announced today that it has provided a $29 million senior bridge loan to a strategic partnership between Pelican Communities and Brooks Street in September 2023. The funds will be utilized to refinance and renovate SALT Oceanside Apartments. The loan was originated from Lightstone’s Los Angeles office.
Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. Loans range in size from $5 million up to $150 million and are secured by real estate assets.
Pelican Communities and Brooks Street are two “sister” companies with a history of real estate partnership that dates back to 1993. SALT Oceanside is a mixed-use building consisting of 52 apartment units with 7,803 square feet of fully leased ground-floor retail and a 444-spot parking structure. Ranging from 756 square feet to 1,401 square feet, the one- and two-bedroom units are in 11 different floor plan options. The property’s amenities include direct beach access through an underpass, a fully equipped rooftop deck with both BBQ grills and fire pits, a clubhouse with kitchen and entertainment space, lounges on each floor, and on-site storage lockers.
Optimally located just three blocks from the prime San Diego beachfront, the property is steps away from Oceanside Pier and is a quick walk to Oceanside Amtrak Station in the city’s revitalized downtown district.
“I am thrilled the team was able to execute this deal to facilitate the Owner’s business plan. This is a trusted sponsor partnership, and I look forward to seeing their vision for the property come to life,” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital.
“Lightstone Capital has been a great partner in this project as we work through all the loan details to refinance and renovate the property. We are excited to close this deal and get to work on reimagining the SALT Oceanside property,” said Neil Brandom of Brooks Street.
Leveraging over 40 years of investment experience and over $10 billion of equity and debt transactions, Lightstone Capital’s fully integrated platform enables it to provide borrowers with the efficiency and certainty of closing they require to facilitate successful business plan execution.
Since it launched in December 2018, Lightstone Capital has grown rapidly, developing a significant portfolio throughout the East Coast. It has since opened offices in Los Angeles and expanded the New York office to provide coverage throughout the country. The platform has positioned itself as a creative and reliable capital resource with a proven track record, with over $1.2 billion in recent transactions. Lightstone Capital focuses primarily on $10 to 150 million senior bridge loans as well as mezzanine loans, and preferred equity investments throughout the top 50 MSA’s in the United States.