Downtown Santa Monica Office Gets Bridge Loan

SANTA MONICA, CA-Those who follow @GlobeStcom on Twitter may have seen a post teasing the announcement yesterday, but GlobeSt.com has exclusively learned that New York City-based fund manager, Hudson Realty Capital LLC, has funded a $4.36-million bridge loan involving a 14,612-square-foot office building in the downtown district. The borrower, a prominent local real estate developer and multifamily operator, is utilizing the loan proceeds to purchase the property and implement the business plan, which includes reinstating the original residential zoning.

Constructed in 1990 as a multifamily building, the four-story complex was converted to office use in 1996 when values were rising. The property is one block from the Interstate 10 access ramp, four blocks from the Third Street Promenade and Santa Monica Place Mall and seven blocks from the beach and Santa Monica Pier.