$26,700,000 Refinance Secured for Multifamily Property in Santa Monica, CA
Apr 20, 2026 Bank
Deal Summary
Fifth Third Bank provided a $26.7 million loan secured by 601 Wilshire Boulevard in Santa Monica, a 40 unit multifamily property completed in 2023 totaling approximately 40,700 square feet, along with an adjacent office parcel, according to public records. The borrower is 601 Wilshire LLC, with David Regan signing as member.
The newer vintage building sits at the eastern gateway of downtown Santa Monica, and the financing likely represents the permanent capitalization of the completed development.
Regional banks headquartered far from California have become increasingly active on West Coast multifamily as they diversify their CRE books, adding real competition on stabilized deals that would once have defaulted to the local bank market or the agencies.
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Market Notes
The permanent takeout on a newly stabilized development is worth a full competitive process rather than an extension of the construction relationship. Construction lenders count on inertia at conversion, and the spread between the incumbent's offer and the market's best is often widest exactly at this moment.
Transaction Details
- Closing Date
- Apr 20, 2026
- Loan Amount
- $26,700,000
- Loan Type
- Bank
- Loan Purpose
- Refinance
- Capital Type
- Senior Debt
- Asset Type
- Multifamily
- Source
- Public records
Property
- Property Name
- 601 Wilshire Blvd
- Address
- 601 Wilshire Blvd
- City, State
- Santa Monica, CA
- Market
- Los Angeles
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Transaction details are compiled from public announcements, press releases, industry reporting, or information submitted by parties to the transaction, and have not been independently verified by LoanList CRE. Terms shown may be approximate. Nothing on this page constitutes a quote, offer, or guarantee of financing terms. Full disclaimer.