Dwight Investment Management Closes $62M Bridge Refinance for Lana Apartments in Culver City
CULVER CITY, Calif. — Dwight Investment Management has closed a $62 million bridge refinance for Lana, a newly delivered 139-unit multifamily community at 10375 Washington Blvd in Culver City, California, the firm announced. Antonio Hachem and Kyle Redmond of First Draw Capital arranged the transaction on behalf of the borrower, GR Properties USA Inc.
Deal Structure and Use of Proceeds
The bridge loan proceeds were used to refinance existing senior debt on the development, pay down a portion of existing preferred equity, fund an interest reserve, and cover transaction costs. The financing was originated by Katie Goldenberg at Dwight Investment Management, an SEC-registered investment adviser affiliated with Dwight Capital.
The transaction represents a recapitalization of the asset following its 2025 delivery, positioning GR Properties USA Inc. to season lease-up before pursuing permanent financing or a sale as capital markets conditions evolve. GR Properties USA Inc. is the U.S. entity of Hong Kong-based Guo Rui Group.
"Dwight ran a thoughtful process, focusing on the strength of the project while working through a complicated structure," said Antonio Hachem. Kyle Redmond added, "It was that approach which allowed them to deliver on time with a transaction that had very little margin for error."
Property Overview: Lana in Culver City
Lana is a seven-story, Class A multifamily building totaling approximately 132,205 square feet. The 139-unit community offers 13 studio, 95 one-bedroom, and 31 two-bedroom apartments, with asking rents ranging from approximately $3,745 to $8,310 per month. The property sits in Culver City's media and tech corridor, a submarket that has attracted residential demand from workers at nearby entertainment and technology employers.
The building also includes 2,000 square feet of ground-floor commercial space currently leased to a wellness and recovery tenant, along with an approximately 140-car parking garage. Community amenities include a pool and cabana, fitness studio, clubhouse, rooftop recreation area, bike repair shop, EV charging spaces, and co-working spaces.
The property was built in 2025 and is currently in late lease-up, with physical occupancy estimated at approximately 84 percent based on available unit listings.
Market Context: Westside Los Angeles Multifamily
The Culver City submarket has seen elevated vacancy in newly delivered luxury product, with average asking rents across the broader area running in the range of $2,900 to $2,930 per unit — well below Lana's asking rents, reflecting the asset's Class A positioning. Cap rates for Westside Los Angeles multifamily assets have been running in the mid-5% range, making short-term bridge capital an attractive alternative to locking in permanent debt while lease-up continues and capital markets remain volatile.
The bridge structure — which includes a built-in interest reserve — is designed to protect against near-term cash-flow variability as the property works toward stabilization. Once fully leased, GR Properties USA Inc. would be positioned to pursue a permanent agency or life company takeout loan, or evaluate a sale depending on market conditions at that time.
About the Parties
Dwight Investment Management is an SEC-registered investment adviser affiliated with Dwight Capital, a commercial real estate finance firm. First Draw Capital is a capital markets advisory firm; Antonio Hachem and Kyle Redmond represented the borrower in the transaction. GR Properties USA Inc. is the U.S. operating entity of Hong Kong-based Guo Rui Group.
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