Cypress Equity Secures $170M for Two Santa Monica Apartment Projects

• Cypress Equity Investments landed a $170 million construction loan for two mixed-use developments in Santa Monica.
• The projects at 2025 and 2501 Wilshire Boulevard will add a combined 320 apartments near Douglas Park.
• Both developments are part of Santa Monica’s affordable housing pilot program designed to accelerate new housing construction.

What the Wilshire Boulevard Projects Include

Cypress Equity Investments is moving ahead with two large mixed-use apartment projects in Santa Monica after securing $170 million in construction financing. The developments at 2025 Wilshire Boulevard and 2501 Wilshire Boulevard will replace older commercial properties near Douglas Park with new residential and retail buildings. At 2025 Wilshire Boulevard, plans call for an eight-story building with 150 apartments, approximately 8,600 square feet of ground-floor retail space, and a three-level subterranean parking garage with 205 spaces. The project site currently includes a strip mall and former restaurant spaces previously occupied by Chipotle and Veggie Grill. Across the street, 2501 Wilshire Boulevard will feature another eight-story mixed-use building containing 170 apartments, roughly 9,000 square feet of retail space, and a four-level underground garage with 253 parking spaces. Ottinger Architects designed the second project, while both developments follow a contemporary podium-style format increasingly common across Southern California multifamily construction.

What the Projects Mean for Santa Monica Housing

The developments are part of Santa Monica’s off-site affordable housing pilot program, which allows developers to build required affordable units at separate locations while increasing density on primary project sites. City leaders launched the program in response to years of sluggish housing production and growing pressure to add more residential inventory. The projects also continue Cypress Equity’s expanding development push across Santa Monica. In addition to the Wilshire Boulevard developments, the company recently broke ground on another multifamily project at 1902 Wilshire Boulevard and is actively developing a separate property at 234 Pico Boulevard. Combined, Cypress Equity now has more than 600 apartments under construction citywide, with additional projects still in planning.

What the Deal Signals for California Multifamily Development

The financing highlights continued lender confidence in multifamily housing despite elevated construction costs and uncertainty across portions of the commercial real estate market. Developers continue targeting Santa Monica because of its limited housing inventory, strong rental demand, and proximity to major employment centers across Los Angeles’ Westside. The projects also reflect the growing role of public-private housing incentive programs as California cities attempt to accelerate residential development and address long-term housing shortages. For Cypress Equity Investments, the projects further establish the firm as one of the more active multifamily developers currently reshaping Santa Monica’s residential landscape.