X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SANTA MONICA, CA-N&S Development LLC secured $2.95 million in financing for the developer’s five-unit condominium project in a deal arranged by the Los Angeles office of Holliday Fenoglio Fowler, a commercial mortgage banking firm.

Jerry Wise of Holliday Fenoglio says N&S obtained the construction financing from Builders Bank for the project at 838 19th Street. The development is under construction and is slated for completion at the end of 2003. Wise says the condominiums, a few minutes from the Santa Monica pier and close to Interstate 405, are expected to fetch between $800,000 and $950,000 each. The development is also close to Montana Avenue, which is a popular neighborhood shopping district.

Developers say they can build high-cost housing in Santa Monica because the beach community includes some of the most expensive housing in Los Angeles County, both in terms of single-family homes and apartments and condos. Apartment developments completed there in recent years, for example, in some cases command rents of several thousand dollars per month per unit.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.