Bart Young & Charles Eldred Secure $70.6M Loan For Westminster Towers Senior Housing In Santa Monica

The property asset involved is a senior housing project located at 1112 7th Street in Santa Monica, consisting of 285 units. The total loan amount for this transaction is $70,600,000 with a construction loan type aimed at funding the renovation of the Westminster Towers. The property is specifically designated for senior affordable housing.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $70,600,000
• Asset Address: 1112 7th Street
• Market: Santa Monica
• Units: 285
• Landlords: Bart Young & Charles Eldred - Falkenberg Gilliam & Associates
• Brokers: Jeff Hall & Kevin Kozminske - Berkadia
• Loan Type: Construction

Berkadia arranged financing under the HUD 221(d)(4) program to facilitate the renovations, with Kevin Kozminske and Jeff Hall leading the deal on behalf of the sponsor, Westminster Towers, Inc. The closing on April 15 enables significant upgrades, including renovations to both unit and common areas, supported by new 20-year Housing Assistance Payments (HAP) and Project-Based Voucher (PBV) contracts.