Pelican Communities and Brooks Street have landed a $29 million refinancing for a 52-unit community in Oceanside, Calif. Lightstone Capital provided the senior bridge loan to the strategic partnership, which will use the financing to refinance and renovate the property, SALT Oceanside Apartments.
The mixed-use community includes one- and two-bedroom units, ranging from 756 to 1,401 square feet. The units were built with nine-foot ceilings, floor-to-ceiling windows, back-lit bathroom mirrors, private decks and in-unit washer and dryers. The community’s amenities include a rooftop deck, lanai, beach hut storage, rooftop resident clubhouse, resident lounge, storage lockers, barbecue grills, fire pits, bicycle storage, bike repair shop and a parking garage with 444 spots.
As a mixed-use community, SALT Oceanside has 7,803 square feet of ground-floor retail space, all of which is fully leased. Located at 371 N. Cleveland St., the community is a short walk away from Oceanside Pier and has direct beach access through an underpass. Residents are also a few blocks away from downtown Oceanside’s many restaurant, retail, entertainment and nightlife options. The community provides quick access to Interstate 5 and the Oceanside Transportation Center, which both connect residents to other nearby locales, like San Diego and its neighboring beach cities.
Longtime strategic partnership
Pelican Communities and Brooks Street have been partnering on projects since 1993. SALT Oceanside Apartments is one of their latest. While the two companies work together frequently, Pelican has a strategy of developing a handful of infill projects at a time.
As for Lightstone Capital, the company was launched in December 2018 as the real estate debt platform for Lightstone. The platform has participated in more than $1.2 billion in recent transactions, mostly focusing on senior bridge loans between $10 and $150 million. Lightstone Capital also provides mezzanine loans and preferred equity investments throughout major metros in the U.S. Earlier this year, Lightstone provided a $42.5 million senior bridge loan to Titanium Realty Group’s 148-unit community in Jersey City, N.J.
