Luxe Villas at 11640 Mayfield Avenue will be the chief recipient of the loan money
By Dolores Quintana
In Brentwood, WS Communities has obtained a $50.3 million recapitalization or a three year, senior bridge loan as reported by Commercial Observer.com.
Gortikov Capital was the landlord’s representative in the deal and Ready Capital gave the $45 million senior loan portion of the recapitalization deal. Bryan Gortikov of Gortikov Capital said, as quoted by Commercial Observer.com, “It’s only about 15 years old and it still makes sense to go and thoroughly renovate it because there’s so much demand. That’s exacerbated by how hard it is to find land, build new buildings, how construction costs are getting out of hand. It makes sense to fully renovate this beautiful high-end building, and if that doesn’t tell you what’s going on with rents in Los Angeles, then I don’t know what would.”
WS Communities property Luxe Villas at 11640 Mayfield Avenue will be the chief recipient of the loan money that will be used for a significant renovation project to update both the common areas and the interiors of the building’s one and two bedroom units.
The building’s construction was finished in 2006 and is located close to the 10 and 405 Freeways. It stands one mile away from UCLA and is close to Santa Monica College as well.
Gortikov added that there is “so much money” with a dearth of available “deals” in rental units in the Westside area that he thinks that there will be a persistent demand for affordable units from renters and investors into the future. WS Communities is a very dynamic developer and investment company in the Westside area and recently received $125 million from Madison Realty Capital to construct two new projects and to purchase multifamily developments, all on the Westside of Los Angeles.
WS Communities is a company that is a collaborative extension of two firms from Santa Monica, NMS Properties and WSC Communities. WS Communities current CEO, Scott Walker, is a former executive of NMS properties.
