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Lightstone Capital, the real estate debt platform of Lightstone, has provided a $29-million senior bridge loan to a partnership between Pelican Communities and Brooks Street in September 2023. The funds will be used for refinancing and renovating SALT Oceanside Apartments in Oceanside.

Pelican Communities and Brooks Street have a long-standing history of successful real estate partnerships dating back to 1993. SALT Oceanside is an impressive mixed-use building featuring 52 apartment units, fully leased ground-floor retail space spanning over 7,800 square feet, and a parking structure with room for up to 444 vehicles. Conveniently located near the popular attractions of Oceanside Pier and Amtrak Station in the city’s thriving downtown district.

“We are excited about this deal that allows us to support our partner’s business plan,” stated Eugene Rozovsky, Senior Managing Director at Lightstone Capital. “This trusted sponsor partnership has great potential for success as they bring their vision for this property to life.”