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California  + Los Angeles  + Finance  | 

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.

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Berkadia's Kozminske

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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