The $44 million land pre-development loan was used for the refinancing of two multi-family development sites in one of the most sought-after locations in Santa Monica, CA.
The project on Lincoln Boulevard will have 98 residential units and more than 6,000 square feet of retail. The project on 7th Street will have 100 units and more than 4,000 square feet of retail. Both will have affordable units.
The borrower owns two by-right development sites in Santa Monica. Both sites currently have month-to-month tenants in commercial spaces, and the sites will ultimately be developed into ground up multifamily projects. The borrower does not need any entitlement or zoning changes but the design review process can take up to a year.