Lender puts $76M behind Neil Shekhter projects in Santa Monica

Los Angeles area developers have tapped a New York financier for $76 million in commercial real estate loans on separate projects in Santa Monica and Vernon.
New York-based Lightstone Capital has provided mortgage loans to Neil Shekhter’s WS Communities in Santa Monica, and a group of private investors in a Vernon warehouse, the Los Angeles Business Journal reported.

WS Communities borrowed $49 million for a mixed-use project planned for 201 Colorado Ave. in Santa Monica, with 159 units in two buildings, in addition to multi-family projects at 1421 and 1427 Barry Ave. in Sawtelle.

NMS Residential, founded by Neil Shekhter, will manage the properties. WS Communities, founded by sons Alexander and Adam Shekhter, along with Scott Walter, its CEO, will build them.
“For WSC, we were able to provide a creative solution, which gave them a single loan that allowed them to execute two separate business plans – one for each unique asset,” said Eugene Rozovsky, senior managing director of Lightstone Capital.

Justin Piasecki and Richard Sutton of New York-based Lev, and Rahim Thobani of RST Capital Partners in Porter Ranch, arranged the financing.

The City of Santa Monica is a beachfront city in Los Angeles County, California. It sits on the Pacific Coast and has become an increasingly popular destination for tourists and locals alike. It’s sunny beaches and lively downtown area attract people from all over the world looking for relaxation and entertainment. With close proximity to Hollywood, Santa Monica also boasts a vibrant art and culture scene, making it the perfect spot for both leisure and business. Santa Monica is also home to many renowned universities, including the University of Southern California and UCLA. With its Mediterranean-like climate and laid-back lifestyle, it’s no wonder why people love to visit Santa Monica