SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announces $31.543 million in financing for Chelsea Santa Monica, a luxury residential and retail property one block from the beach in Santa Monica, California.
The HFF team worked on behalf of the borrower, Kort & Scott Financial Group, to place 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. This transaction follows the closing of a $55.056 million Freddie Mac loan the HFF team arranged on the borrower’s behalf earlier this year for Wilshire Valencia, a 218-unit apartment project in downtown Los Angeles.
Chelsea Santa Monica has 53 luxury rental units comprising 28 studios, 19 one-bedrooms and 6 two-bedroom units, which average 631 square feet and feature Viking and Frigidaire stainless steel appliances, 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 percent 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 5,988 square feet of 100-percent-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.
The HFF team for both the Chelsea Santa Monica and Wilshire Valencia transactions included senior director Zach Koucos, director Lee Redmond, and analysts Bharat Madan and Carter Eckerline.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Kort & Scott Financial Group: Based in Southern California, Kort & Scott Financial Group, LLC is an owner and operator of apartments and manufactured housing communities. Since 1989, the company has acquired over 10,000 mobile home and apartment units, and has developed a reputation for creating exceptional value in its projects. Kort & Scott's expansive profile includes properties in California, Colorado, Arizona and New Mexico. Investors and lenders have included private individuals, venture capital firms and major institutional investors.
About HFF: HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.