Dwight Investment Management (“DIM”), an SEC-registered investment adviser affiliated with Dwight Capital, announced the closing of a $62 million bridge refinance for Lana, a newly developed 139-unit apartment community in Culver City, CA. The seven-story property includes 13 studio, 95 one-bedroom, and 31 two-bedroom units. Lana also features a 2,000-square-foot ground-floor commercial space leased to a wellness and recovery tenant.
Community amenities include a pool and cabana, fitness studio, clubhouse, rooftop recreation area, bike repair shop, EV charging spaces, and co-working spaces.
Loan proceeds were used to refinance existing senior debt, pay down a portion of the existing preferred equity, fund an interest reserve, and cover transaction costs.
The financing was originated by Katie Goldenberg and brokered by Antonio Hachem and Kyle Redmond of First Draw Capital Inc. on behalf of the borrower, Bill Wei of GR Properties USA Inc.
“Dwight ran a thoughtful process, focusing on the strength of the project while working through a complicated structure,” said Antonio Hachem. Kyle Redman added, "It was that approach which allowed them to deliver on time with a transaction that had very little margin for error".