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August 3, 2020
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KH Funding CA LLC Originates Its First Three Financings in California


KH Funding CA LLC has originated its first three loans in the state, totaling $13.85 mil. The financings were secured by development sites for two multifamily projects in West Los Angeles and a planned boutique hotel in Orange County. KH Funding CA LLC is an affiliate of Knighthead Funding LLC, a newly licensed lender in California.

Knighthead provided Los Angeles-based development firm Cale Enterprises with two, separate, non-crossed 12-month, non-recourse loans of $5.2 mil and $3.15 mil for the acquisition of a 74-unit multifamily site and a 54-unit multifamily site, both in Palms on Los Angeles’s Westside.

“Competition to finance well located multifamily development with strong sponsorship in Southern California, especially on L.A.’s Westside, is extremely fierce,” said Henry Boeckmann who oversees originations in the Western U.S. “We will continue to rely on our ability to react and close quickly on loans in order to build on our lending portfolio in California and throughout the United States. We expect to originate more than $600 mil in short-term debt in 2019, a significant portion of that in California.”

In addition, Orange County-based developer Berk Development received a $5.5 mil, first mortgage loan from Knighthead to fund predevelopment costs for The Wave at Dana Point, a 57-room, four-star boutique hotel on Pacific Coast Highway in Dana Point. Amenities will include a full-service restaurant and bar, fitness center, outdoor pool. The hotel also will include “Surfers Den,” which will provide affordable overnight lodging in a 50-bed hostel configuration.

Proceeds from the 12-month loan will replace an existing bridge loan as the developer finalizes construction plans, permits, and construction financing. Construction of The Wave is expected to begin in the third quarter of 2019. The Wave is extremely well located neighboring the Ritz Carlton, Laguna Niguel, the Monarch Beach Resort, and the Montage Resort and Spa. The property sits directly adjacent to The Strand at Headlands, a 121-acre property including which includes 118 single family homes and more than one mile of coastal frontage.

In the past quarter, Knighthead has originated more than $100 mil in short-term bridge debt secured by a variety of asset types including office, industrial, hotel, and single and multifamily in California, Florida, Georgia, Chicago, New York, Texas and Washington.

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