ORIX USA’s Real Estate Capital Group announced the closing of a $18 million first mortgage bridge loan that will be used for the refinance and lease up of a recently completed 55-unit multifamily project with ground-floor commercial space located on the West Coast of the U.S.
The property includes five units reserved for low-income housing, 45 one-bedroom lofts, a one-bedroom penthouse, and four studio units. Each unit features high-ceilings, a full appliance package that includes in-unit washer and dryer, large floor-to-ceiling window, and 45 of the units have balconies or patios. The property also features 2,826 square-feet of ground floor commercial space with a 2,000 square-foot outdoor courtyard.
“We are excited to close on this lease-up bridge loan opportunity in San Diego, a city recognized as one of the top rent growth markets in the nation,” said Adam Diamond, Managing Director and Originator of ORIX Real Estate Credit Group. “This investment reflects our confidence in the strength and potential of the San Diego market and the strength of the Borrower.”
ORIX USA’s Real Estate Capital group is a proprietary commercial real estate lending business, delivering customized financing for a full range of property types in primary and secondary metropolitan markets in the U.S. and Canada. Loans made or arranged in California are pursuant to a California Financing Law license.
Since inception, the Real Estate Capital Group has successfully invested over $4 billion of balance sheet capital. For over 20 years the Real Estate Capital Group has been reliably providing construction and bridge financing for commercial real estate through a range of market cycles.
The Real Estate Capital Group is comprised of seasoned specialists transacting on a full range of property types. The group specializes in construction, bridge, mezzanine, and preferred equity opportunities and has fully dedicated origination, underwriting, closing, and servicing teams, ensuring that clients’ needs are met with timely execution.