Square Mile Capital Management LLC today announced that it originated a $82.2 million loan secured by The Watermark, a soon-to-be-delivered 250-unit multifamily building located in Reseda, CA.

The loan was made to a joint venture between Gelt and Uhon, Inc. The partnership began construction of the property in 2017 and expects to commence leasing in the first quarter of 2021.

Square Mile Capital Principal Tom Burns said, “The Gelt/Uhon partnership has done an excellent job so far developing the property and it should be well-received by the market when it is delivered early next year. It is one of the first new multifamily deliveries in the Reseda submarket in almost a decade, and the San Fernando Valley has historically had one of the lowest vacancy rates in the Los Angeles metro. We are very excited to announce this debt investment, our first with Gelt and Uhon, Inc.”

The property is located on the corner of Reseda Blvd. and Kittridge St. and benefits from its location directly to the northwest of the intersection of I-405 and 101. The property is 2.3 miles from the Providence Cedars-Sinai Tarzana Medical Center, a $540 million redevelopment and expansion to the existing Tarzana medical campus that will be completed in 2022.

About Square Mile Capital Management LLC

Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s equity platform serves as a partner of choice for opportunistic and value add real estate investments across all property types. By identifying the impact of long-term trends on real estate values, the firm focuses on key investment themes and investment structuring in order to maximize risk-adjusted investment returns. For more information, visit www.squaremilecapital.com.