927 Ocean Ave. is about to be remodeled.
Axis Development Group, with offices in Santa Monica and San Francisco, has received $ 14.2 million in funding from an undisclosed lender to purchase and renovate an apartment building in Santa Monica.
The property, built in 1922, is located at 927 Ocean Ave.
Santa Monica-based Mandri Capital Inc. arranged the financing, which includes a bridging loan, preferred capital and a JV equity partner.
Axis Development plans to renovate the building. After completion, it will have 20 residential units and offer sea views.
“This property offers a compelling opportunity to restore the character and historical charm of this sea-view jewelery box while providing the building’s residents with modern conveniences and conveniences,” said Muhammad Nadhiri, managing partner of Axis Development Group, in a statement.
Mandri Capital was founded in 2018 by Max Friedman, the company’s CEO.
The company focuses on raising capital for construction and renovation-intensive projects in medium-sized companies.
Most of the deals Friedman is working on range from a few million dollars to $ 25 million.
“We appreciate the opportunity to arrange funding for the Axis Development Group. This project clearly reflects Mandri Capital’s ability to carry out complex tasks (debt and equity) for established sponsors entering new markets, “Friedman said in a statement.
Friedman said he often works with groups that have been formed in the past few years, helping them move on to bigger clients and deals.
Mandri Capital has also helped secure funding for a handful of other projects in LA, including $ 3.6 million for a 5,000-square-foot creative office property in Santa Monica, a $ 5 million home loan for a luxury West Hollywood apartment and a $ 3 million bridge loan for a creative office in Silver Lake.
Ocean Avenue funding isn’t the only loan recently announced.
In August, Parkview Financial granted a $ 29 million home loan for a mixed-use project at Greenpointe Development’s Leimert Park.
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