$17.6M Mixed-Use Loan Closed In Santa Monica By JLL Representatives

The mixed-use building at 1404-1408 Third St. in Santa Monica, California, has been the subject of a $17.6 million acquisition loan. This property, totaling 14,584 square feet, features two-story creative office space and ground-floor retail space. The address lies in the vibrant market of Santa Monica, and it currently houses tenants like Lush and Chilli Beans.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $17,600,000.00
• Address: 1404 3rd St, Santa Monica, CA, 90401
• Market: Santa Monica
• Borrower's Reps: Marc Schillinger(JLL), Paul Brindley(JLL)
• Lender: Unknown Correspondent life insurance company

The loan for this property was secured by HFF, with Marc Schillinger and Paul Brindley playing crucial roles as borrower's representatives. The funds were arranged with a debt fund as the lender, with plans in place for future development by Blatteis & Schnur upon the expiration of existing leasing agreements and the attainment of entitlements.