Developer lands $170M construction loan for Santa Monica apartments
Two mixed-use apartment projects in Santa Monica can now move forward thanks to a fresh injection of funding for developer Cypress Equity Investments. Los Angeles-based Cypress secured a $170 million construction loan for the two developments, Urbanize Los Angeles reported. The deal, with an undisclosed lender, was announced on LinkedIn by Tom Hayter, CEI’s vice president of investments. The money will allow Cypress to proceed with residential developments that will replace commercial buildings near Douglas Park. At 2025 Wilshire Boulevard, CEI plans to erect an eight-story building with 150 units above roughly 8,600 square feet of ground-floor commercial space and […]This article originally appeared on The Real Deal. Click here to read the full story.
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