Castellanโข Capital hasโ provided a $42 million senior loan to refinance the mixed-use property located atโข 2300 Wilshire Boulevard in Santa Monica, Calif., according to a report from Commercial Observer. The loan benefitsโ GR Properties USA, the American subsidiary of ChinaSโ GR Lifestyleโค Company.
The three-storyโ building, โcompleted in 2015, totals approximatelyโข 159,000 square feet and features 30 condominium units and roughly 23,600 square feet of retail space.โฃ Trader Joe’s anchorsโ the retail component. โ
The โrefinancing comesโฃ amid some loan distress โคin the Santa Monica market. Inโฃ July, โthe $26.7 million โฃcommercial mortgage-backed โsecurities loan tied to the Santaโฃ Monica Clock โTower, a 12-story โoffice building,โค was transferred to special servicing after missing its May maturity date. Occupancyโค at the Clock Tower had fallen to 43 percent by lateโค 2024,according to a Morningstar Credit report,despite being fully occupied at the timeโฃ the loan was issued.
representatives for Castellanโ Capital and GR Properties USA did not immediatly respond to requests for comment.