The Three-Story Building Will Feature a 2,500 Sq Ft Deck
Sonnenblick-Eichner Co. arranged $27.4 million in construction financing for Blatteis & Schnur’s retail project within the Third Street Promenade shopping district, according to reports from Commercial Observer.
Located at 1404-1408 Third St., the upcoming three-story retail building will span 25,000 square feet and boast approximately 50 feet of retail frontage. Notably, the development will also feature a 2,500-square-foot roof deck. Its strategic position will be adjacent to the Santa Monica Place mall, spanning 475,000 square feet, and merely one mile away from the iconic Santa Monica Pier.
The funding was provided by Civitas Capital Group. The non-recourse loan carries an interest rate of 550 basis points over SOFR. The proceeds will support new retail construction, replacing a 77-year-old mixed-use structure that was demolished last year.