$30,000,000 Refinance Secured for Mixed-Use Property in Santa Monica, CA
May 5, 2026 Bank
Deal Summary
Bank of America provided a $30 million loan cross-collateralized by five parcels in downtown Santa Monica, including properties on the Third Street Promenade, 4th Street and Santa Monica Boulevard, according to public records. The borrower is XYZ Now LLC, with Daniel Negari signing as member.
The facility is the second major financing recorded in 2026 on the sponsor's downtown Santa Monica assemblage, following a $92 million Truist construction loan on adjacent holdings in March, bringing recorded financing on the program to more than $120 million.
Two money center institutions extending nine figures of combined credit against downtown Santa Monica retail is a market signal that cuts against the district's obituary, and suggests the smart money is underwriting the Promenade's repositioning rather than its decline.
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Market Notes
When a sponsor finances an assemblage across multiple lenders, the collateral allocation between facilities becomes a strategic decision that shapes future flexibility. Owners building similar positions should map which parcels anchor which debt before signing term sheets, because unwinding cross-collateralization later is expensive.
Transaction Details
- Closing Date
- May 5, 2026
- Loan Amount
- $30,000,000
- Loan Type
- Bank
- Loan Purpose
- Refinance
- Capital Type
- Senior Debt
- Asset Type
- Mixed-Use
- Source
- Public records
Property
- Property Name
- Downtown Santa Monica Five-Parcel Portfolio
- Address
- 301 Santa Monica Blvd; 1330 & 1338 4th St; 1222 3rd St; 1337 3rd Street Promenade
- 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.