Continental Partners Inc. Provides $11M Loan For 26-Unit Mixed-Use Property In Santa Monica

This is a refinance of a brand new mixed-use development located at 3008 Santa Monica Blvd in Santa Monica. The property features a total of 23,088 square feet and consists of 26 units. The asset is a combination of residential and retail spaces, with the retail component currently vacant.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $11,000,000
• Address: 3008 Santa Monica Blvd
• Market: Santa Monica

The lender involved in this transaction is Continental Partners Inc., and the landlord is Stanford West LLC. The loan amount secured for the refinance is $11,000,000. The loan terms include a 7-year fixed rate, with the first 5 years being interest-only. The interest rate is set at 3.80%, and the loan is non-recourse.

The brokers representing the transaction are Brian Asheghian from Basheghian & JM Grimaldi from Watchtog.

It's worth noting that the multi-family units in the development are fully leased, while the retail component is currently vacant. The loan secured for this transaction provides a 7-year fixed term with 5 years of interest-only payments and a competitive interest rate, offering a favorable financing solution for the property owner.