WS Communities nabs $150M loan for six renovations and a development site
The Real Deal is reporting that Madison Realty Capital has provided a $150 million financing package to WS Communities, marking another step in the New York-based firm’s West Coast expansion. The loan replaces existing debt on six rental properties in Santa Monica and the Valley, as well as a bridge loan on a mixed development site in Santa Monica. After building itself into one of the largest real estate lenders and private debt funds on the East Coast, Madison Realty Capital has expanded across the nation in the last couple of years. The WS Communities deal is just one of a constellation of loans and refinancing packages that the firm has extended to borrowers on the West Coast, with deal volume now totaling $1.2BN.