$92,000,000 Construction Financing Secured for Mixed-Use Property in Santa Monica, CA
Mar 4, 2026 Bank
Deal Summary
Truist Bank provided a $92 million construction loan cross-collateralized by properties at 1202 and 1344 3rd Street in downtown Santa Monica and an office building at 3401 Exposition Boulevard, according to public records. The borrower is United XYZ LLC, with Daniel Negari signing as manager.
The collateral includes an approximately 45,000 square foot former department store building on the Third Street Promenade, where the sponsor has been assembling holdings. The same sponsor closed a separate $30 million Bank of America facility on five additional downtown parcels two months later, bringing recorded 2026 financing on the assemblage to more than $120 million.
The Promenade has been the subject of intense repositioning discussion as downtown Santa Monica works through its post pandemic retail reset, and a nine figure construction facility from a major bank is the clearest signal yet that institutional capital is underwriting the district's next chapter.
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Market Notes
Cross-collateralized facilities are how assemblage sponsors unlock construction leverage before individual parcels are ready to stand alone, and structuring the release provisions is where these deals are won or lost. Owners assembling contiguous positions should be thinking about collateral pool structure as early as the second acquisition.
Transaction Details
- Closing Date
- Mar 4, 2026
- Loan Amount
- $92,000,000
- Loan Type
- Bank
- Loan Purpose
- Construction
- Capital Type
- Senior Debt
- Asset Type
- Mixed-Use
- Source
- Public records
Property
- Property Name
- Downtown Santa Monica Portfolio (Third Street Promenade)
- Address
- 1202 & 1344 3rd St; 3401 Exposition 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.