May 26, 2020 Breaking News, Latest News, and Videos

Prominent Developer Building 850 Santa Monica Housing Units Thanks to $150M Loan

By Toi Creel

Shekhters’ WS Communities is planning to build 850 rental units in Santa Monica

Madison Realty Capital is funding the project. In total, 10 new buildings will rise on the Westside.

WS Communities is an investment and development firm. They’re able to develop the 850 units thanks to an additional $157 million in financing, according to The Real Deal.

The project comes after a new agreement with the City of Santa Monica to boost affordable housing.

Madison Realty Capital will also join in on the new developments by providing a bridge loan.

In total, the square feet of retail space of the projects will have a combined 35,000 square feet of retail space.

According to The Real Deal “They include a 140-unit complex at 601 Colorado Avenue, which will have over 8,600 square feet of retail space; a 134-unit development at 1415 5th St., with 2,300 square feet of retail; and a 120-unit project at 1338 5th St., with over 2,700 square feet of retail.
The remaining properties are: 501 Broadway (94 units, 4,700 sf of retail), 1318 Lincoln Boulevard (43 units, 3,300 sf of retail), 1323 5th St. (52 units, 1,800 sf of retail), 1425 5th St. (92 units, 5,800 sf of retail), 1437 5th St. (63 units, 1,500 sf of retail), 1437 6th St. (52 units, 1,900 sf of retail), and 1557 7th St. (59 units, 2,200 sf of retail).”

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