Castellan Capital has provided a $42 million senior loan to refinance the mixed-use property located at 2300 Wilshire Boulevard in Santa Monica, Calif., according to a report from Commercial Observer. The loan benefits GR Properties USA, the American subsidiary of ChinaS GR Lifestyle Company.
The three-story building, completed in 2015, totals approximately 159,000 square feet and features 30 condominium units and roughly 23,600 square feet of retail space. Trader Joe’s anchors the retail component.
The refinancing comes amid some loan distress in the Santa Monica market. In July, the $26.7 million commercial mortgage-backed securities loan tied to the Santa Monica Clock Tower, a 12-story office building, was transferred to special servicing after missing its May maturity date. Occupancy at the Clock Tower had fallen to 43 percent by late 2024,according to a Morningstar Credit report,despite being fully occupied at the time the loan was issued.
representatives for Castellan Capital and GR Properties USA did not immediatly respond to requests for comment.