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Berkadia Arranges $71M to Rehab Santa Monica Affordable Housing
Berkadia closed on $70.6 million in financing for Westminster Towers, a 285-unit, age-restricted affordable housing project located at 1112 7th St. in Santa Monica. Senior managing director Kevin Kozminske and director Jeff Hall of Berkadia FHA/HUD secured construction and permanent financing through HUD’s 221(d)(4) Program.
The sponsor is Westminster Towers, Incorporated (WTI). Originally developed in 1969 by Falkenberg Gilliam & Associates (FGA) for WTI, Westminster Towers will undergo significant upgrades, including comprehensive unit and common area renovations.
“This rehabilitation not only modernizes Westminster Towers but also reinforces our commitment to preserving affordable housing for seniors in Santa Monica,” said Kozminske.
The financing included resubordinating a Flex Subsidy Loan and securing new 20-year HAP and PBV contracts. FGA began work on the renovation over nine years ago under the leadership of the late Priscilla Gilliam, its founder.
Photo courtesy of Yardi Matrix.
- ◦Development
- ◦Financing