$64,931,236 Acquisition Loan Secured for Multifamily Property in Santa Monica, CA
Mar 19, 2026 Bank
Deal Summary
Wells Fargo Bank provided approximately $64.9 million in acquisition financing secured by a 150 unit senior housing community at 1233 6th Street in Santa Monica, according to public records. The loan was recorded the same day as the property's $75 million sale to Santa Monica Towers LP, with Jordan Pynes signing as president.
A companion instrument of approximately $60.5 million was recorded concurrently, consistent with the layered regulatory and subordinate structures common in affordable and senior housing transactions. The 1964 vintage property totals roughly 90,000 square feet in downtown Santa Monica.
Affordable senior housing in coastal California trades through a specialized ecosystem of mission driven sponsors, agency and bank executions, and regulatory agreements, and a $75 million recapitalization of a downtown Santa Monica community shows that capital remains available for preservation deals at meaningful scale.
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Market Notes
Affordable housing preservation deals carry capital stacks that look nothing like conventional multifamily, with regulatory agreements, subordinate instruments, and program financing layered alongside the senior loan. Sponsors entering the preservation space should build the financing plan around the regulatory structure from day one rather than bolting it on after the purchase agreement is signed.
Transaction Details
- Closing Date
- Mar 19, 2026
- Loan Amount
- $64,931,236
- Loan Type
- Bank
- Loan Purpose
- Acquisition
- Capital Type
- Senior Debt
- Asset Type
- Multifamily
- Source
- Public records
Property
- Property Name
- Santa Monica Towers (150-Unit Senior Community)
- Address
- 1233 6th St
- 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.