Related California - William Witte Secures $385M Construction Loan For Downtown Santa Monica Mixed-use Development
$385,000,000
Building Size
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Asset Type
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Closing
Feb 6, 2020
AI
A mixed-use development located at the intersection of 7th Street Broadway & Lincoln Boulevard in Downtown Santa Monica has secured a construction loan worth $385,000,000.
Summary of transaction details
- Property Type: Mixed-use Development
- Transaction Amount: $385,000,000
- Date: 02/06/2023
- Address: Intersection of 7th Street Broadway & Lincoln Boulevard
- Market: Downtown Santa Monica
The lender for this project is Bank of America, while the landlord is Related California - William Witte. The development will feature 280 apartments, a private park spanning 30,000 square feet, 35,000 square feet of retail space, and a Vons supermarket covering 55,000 square feet. The project aims to offer a diverse range of residential and commercial amenities to the community.
Players
Market CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93