Axis Development Group, which has offices in Santa Monica and San Francisco, has obtained $14.2 million in financing from an unnamed lender for a new Santa Monica property restoration by Axis. 927 Ocean Avenue is the address of the property, which was erected in 1922. Mandri Capital Inc. of Santa Monica handled the funding, which included a bridge loan, preferred stock, and a joint venture equity partner. Axis Development intends to restore the structure. When finished, it will include 20 residential units with ocean views.
“This Santa Monica property restoration by Axis offers an enticing chance to preserve the uniqueness and historic beauty of this ocean-facing jewel box while providing modern amenities,” Muhammad Nadhiri, managing partner of Axis Development Group, stated in a release, “providing conveniences to the building inhabitants.” Mandri Finance is a business that specializes in locating capital for middle-market building and refurbishment projects. The majority of the transactions Friedman works on vary in value from a few million dollars to $25 million. “We are grateful for the chance to secure funding for Axis Development Group.” This transaction exemplifies Mandri Capital’s capacity to execute on difficult (debt and equity) assignments for established sponsors entering new markets.”
Friedman made the announcement in a statement. He also stated that he regularly works with groups that have recently debuted, assisting them in transitioning to larger clientele and agreements. Mandri Capital has also assisted in the financing of a few other projects in Los Angeles, including a $3.6 million construction loan for a 5,000-square-foot creative office property in Santa Monica, a $5 million construction loan for a luxury apartment in West Hollywood, and a $3 million bridge loan for a creative office in Silver Lake. The Ocean Avenue loan isn’t the only one that’s been publicized recently. Greenpoint Development’s mixed-use project in Leimert Park received a $29 million construction financing from Parkview Financial in August.
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