Mandri Capital has arranged a $ 5 million construction loan for a proposed luxury residential project in West Hollywood.
Santa Monica-based Mandri Capital Inc., founded in 2018, has helped raise more than $ 100 million in financing in the commercial real estate world.
The real estate capital advisory firm was founded by Max Friedman, who serves as the company’s CEO.
Friedman had approximately a decade of experience providing real estate capital advice with companies such as George Smith Partners Inc. of Century City and the Boston Private Bank Los Angeles office.
“I thought there was some way I could use my connections to the capital markets,” Friedman said.
He focuses on capitalizing on construction and major renovation projects in the mid-market, where the typical deals he works on range from a few million dollars to $ 25 million.
Friedman’s clients largely fall into one of two categories: established development firms in need of a capital advisor, or newer development and renovation groups that “started in an earlier cycle in recent years, where I really look for and help these groups in the capital markets in some cases, to get to higher quality deals.
Recent deals include $ 3.6 million for a 5,000-square-foot creative office property in Santa Monica, a $ 5 million West Hollywood luxury apartment building loan, and a 3 million creative office bridging loan US dollars in silverlake.
Friedman said many of his clients are based in Southern California and much of his business is on-site, but he also works with clients in other areas.
In addition to having a large geographic coverage area, Mandri also works across multiple asset types.
“We closed all the big food companies. Where we’ve had a lot to do lately and have enjoyed some popularity have been creative office space, apartment buildings and apartments, as well as special product types. Lately, this has meant a creative office focused on the music and entertainment industries with some music studios and rehearsal rooms, ”Friedman said.
The media and entertainment industry, he added, “has felt the slightest headwind from the effects of Covid”.
“It felt like the demand for this product profile was sustained or even increased despite the Covid headwind,” he said.
Despite the Covid-19 pandemic, Friedman said the home loan market has started to normalize.
“There were some pretty significant headwinds at the beginning as people tried to get a sense of the timing and get back to normal,” he said. “As of the beginning of this year, it feels like a large part of the normal course of business is back in terms of access to capital and interest for our borrower customers.”
Friedman added that he can now often find multiple financing options for homeowners to work with.
He still expects an active market.
“It feels like luckily it’s going to be more of what we’ve seen since the beginning of this year,” Friedman said. “Our customers concentrate on developing from scratch and on renovations with high added value. They are actively looking for new acquisition targets here in Southern California and gateway cities in the US and major secondary markets. It feels like the volume is being maintained, ”Friedman said.
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