Lightstone Capital, the real estate debt platform of Lightstone, recently provided a $29-million senior bridge loan to Pelican Communities and Brooks Street in September 2023. The loan will be used for the refinancing and renovation of SALT Oceanside Apartments in Oceanside.
Pelican Communities and Brooks Street have a long-standing partnership dating back to 1993. SALT Oceanside is a mixed-use building with 52 apartment units, fully leased ground-floor retail space totaling 7,803 square feet, and a parking structure with 444 spots. The property is conveniently located near popular attractions such as the Oceanside Pier and Amtrak Station in the city’s revitalized downtown district.
Eugene Rozovsky, senior managing director at Lightstone Capital expressed his excitement about facilitating this deal for trusted sponsor partners. He looks forward to seeing their vision for the property come to life.
