GR Properties USA has closed $62 million of bridge debt to refinance the newly developed Lana apartment property in Culver City, California, according to a Commercial Observer report. The financing matters because it shows lenders are still willing to work through complicated capital structures on recently delivered multifamily assets in the Los Angeles area, even as the broader market continues to absorb new supply. The loan was originated by Dwight Investment Management, an affiliate of Dwight Capital, with Katie Goldenberg leading the deal for Dwight.
The Lana property is located at 10375 Washington Boulevard, roughly 11 miles west of Downtown Los Angeles. The seven-story building includes 139 units, with a mix of 13 studios, 95 one-bedroom units, and 31 two-bedroom units. It also contains 2,000 square feet of commercial space. Community amenities include a pool, a cabana, a fitness center, a clubhouse, a rooftop recreation area, a bike repair shop, electric vehicle charging stations, and coworking spaces. The bridge loan will fund an interest reserve in addition to paying down both past debt and preferred equity on the development, according to Dwight.
The evidence for this transaction comes from a single full-text report published by Commercial Observer on September 9, 2026. The report identifies First Draw Capital as the firm that negotiated the debt, with a team led by Antonio Hachem and Kyle Redmond. Hachem, co-founder and principal of First Draw Capital, said in a statement that the lending process by Dwight focused "on the strength of the project while working through a complicated structure." GR Properties USA, which is run by Bill Wei, did not immediately return a request for comment, according to the report.
For the Los Angeles-area multifamily sector, the deal suggests that bridge lenders remain active for newly built properties that may still be in lease-up or stabilization. The presence of preferred equity in the prior capital stack indicates the project likely required multiple layers of financing before this refinancing. The loan's use of proceeds to pay down past debt and preferred equity points to a recapitalization rather than a simple rate-and-term refinance. However, the report does not disclose the loan's interest rate, term, loan-to-value ratio, or the property's occupancy level, so the risk profile of the financing cannot be fully assessed from the available evidence.
The main limitation of this analysis is that it relies on a single secondary source. Commercial Observer is a reputable trade publication, but the dossier does not include corroborating documents such as property records, lender filings, or statements from Dwight Capital or GR Properties USA. Key unknowns include the exact maturity date of the bridge loan, the identity of the prior lender, the amount of preferred equity being repaid, and the property's current financial performance. What to watch next is whether the Lana property reaches stabilization and whether GR Properties USA can replace this bridge debt with permanent financing before the loan matures.