Developer Jeff Svitak has landed $34.25 million of bridge debt for a newly completed San Diego multifamily project, Commercial Observer has learned.<\/p>\n
Lightstone Capital<\/a> originated the senior loan for Svitak\u2019s Kaya Apartments development in San Diego\u2019s Bankers Hill neighborhood. John Zubak, managing director and head of origination, western region at Lightstone Capital, originated the deal.\u00a0<\/p>\n SEE ALSO: Protective Live, Berkadia Provide $50M for Two Senior Living Facilities<\/a><\/p>\n \u00a0\u201cFrom the outset, Kaya has been about creating housing that is deeply connected to the character of Bankers Hill while fostering a true sense of community,\u201d Svitak said in a statement.\u00a0\u00a0<\/p>\n Located at 2700 Third Avenue, Kaya Apartments debuted last year with 78 units ranging from studios to two bedrooms. Community amenities at the fully-leased complex include coworking space, community lounge, a shared kitchen and on-site caf\u00e9.<\/p>\n Lightstone Capital also closed a $23.4 million senior bridge loan in July for Svitak\u2019s planned The Flats at TerraMarmultifamily project in Carlsbad, Calif. Located at 5010 Avenida Encinas 32 miles north of San Diego, the 98-unit apartment community with 15 designated as affordable housing will involve converting <\/a>a former Studio 6 hotel.\u00a0<\/p>\n Last but not least, Lightstone\u00a0 also recently originated a $11.5 million senior bridge loan for Svitak\u2019s acquisition of an industrial property at 300 S. Sheldon Road in Channelview, Texas. The property benefits from logistics demand drivers with its location near the Port of Houston and Houston\u2019s growing economy, according to Lightstone Capital.\u00a0<\/p>\n \u00a0\u201cThese transactions demonstrate our ability to provide flexible financing solutions across multiple property types in markets where we have strong conviction,\u201d Eugene Rozovsky, senior managing director at Lightstone Capital, said in a statement. \u201cWhether it\u2019s industrial facilities supporting critical supply chains or multifamily communities helping meet the growing demand for housing, we\u2019re focused on financing assets that are positioned to perform over the long term.\u201d<\/p>\n