Gortikov Capital lands $50M refi for Brentwood apartment complex

Gortikov Capital has landed a nearly $50 million loan for an apartment building in Brentwood after losing half its portfolio last year.

The Santa Monica-based firm run by Bryan Gortikov secured a $49.5 million floating-rate senior bridge loan to refinance Luxe Villas, a 60-unit complex at 11640 Mayfield Avenue, the Commercial Observer reported.

The lender was New York-based Ready Capital. 

Gortikov announced and also arranged the financing on behalf of the borrower.

The six-story apartment building, built in 2005, was renovated last year. It has a fitness center, clubhouse, central courtyard and a rooftop lounge. Rents range from $2,195 for a studio to $6,875 for a two-bedroom apartment, according to Apartments.com.

The complex was previously owned by Neil Shekhter’s WS Communities, records show. It’s unclear when Gortikov acquired the limited liability company that owns the property.

Last month, WS Communities hired JLL to market a portfolio of 11 buildings in Santa Monica containing 399 apartments for an undisclosed price, The Real Deal reported. 

The apartments represent a third of Shekhter’s current portfolio, which now stands at about 1,100 units, after he surrendered 28 properties with more than 870 units to lenders following $1.1 billion in loan defaults.

Before it hit financial headwinds, WS Communities owned 2,400 apartments across Los Angeles County in 2020. Now, most of what he had is gone — half his portfolio gone up in smoke.

— Dana Bartholomew

A previous version of this story incorrectly stated the borrower was WS Communities, based on Commercial Observer’s reporting. The borrower is not WS Communities.