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March 22, 2018
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Upscale Santa Monica Res Property Financed with $31.5 Mil Freddie Mac Loan


Kort & Scott Financial Group has secured $31.5 mil in financing for Chelsea Santa Monica, a luxury residential and retail property one block from the beach in Santa Monica. The 53-unit asset is located at 1318 2nd St, north of Santa Monica Blvd.

The unit mix at Chelsea Santa Monica consists of 28 studios, 19 one-bedrooms and six two-bedroom units, which average 631 sf and feature Viking and Frigidaire stainless steel appliances. The units include full-size washers and dryers, white quartz countertops, fired oak finish cabinetry, Nest thermostats, filtered drinking water dispensers and Nuvo media streaming devices paired with Harman Kardon speakers.

Completed in 2016, the residential component is 95% leased. The LEED Gold-certified, four-story building is situated atop two levels of subterranean parking and includes common area amenities such as a rooftop Zen garden offering sweeping views of the Pacific Ocean, fire pit, barbecue area, gourmet coffee bar, bike lockers and bike repair station.

Chelsea Santa Monica also features 6k sf of 100%-leased, ground-floor retail space occupied by Uovo Pasta, HiHo Cheeseburger and CAVA Mezze Grill. The transit-oriented community has a WalkScore® of 95 and is situated at 1318 Second Street steps from the Third Street Promenade, Santa Monica Place, multiple dining and entertainment amenities, and the beachfront.

Zach Koucos, Lee Redmond, Bharat Madan and Carter Eckerline with HFF arranged the 10-year, floating-rate loan with Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

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