Fifield Cos. snags construction loan for big apartment project in Santa Monica

Comerica Bank's financing will go toward second phase of the 282-unit development

Los Angeles /
Apr.April 09, 2019 08:00 AM
Kevin Farrell, President and COO of Fifield Realty Corp., and the development set for Lincoln Boulevard in Santa Monica (Credit: Fifield Companies)

Fifield Companies will use an $81.7-million construction loan for the second part of its Catherine Santa Monica residential development on Lincoln Boulevard.

Comerica Bank provided the loan to the Chicago-based developer, which is reshaping the boulevard with its $150-million project. It will include 282 units and more than 25,000 square feet of retail space in four buildings when complete. The properties are being developed next to each other.

Crews recently broke ground on the second phase at 1625 Lincoln Boulevard. That part of the project will build 192 units, and take two years to complete.

The first phase at 800 Colorado Avenue is already under construction and set to open in January, said Kevin Farrell, president and COO of Fifield Realty Corp. It will include 90 units.

Unit types include studios and one- and two-bedroom apartments. The structures include fitness rooms, business centers, pools, screening rooms and entertainment space. The development was previously known as the Lincoln Boulevard Collection.

Fifield and Cypress Equity Investments formed Century West Partners to develop projects on the West Coast.

Fifield also filed for a 310-unit mixed-use project in Monrovia earlier this year, and Cypress Equity is completing the 66-unit building down the street from Catherine Santa Monica at 1641 Lincoln Boulevard.

Nearby, WS Communities is building a mixed-use complex with 40 units. WS Communities is a spinoff of NMS Properties, which is also developing a 100-unit building on 7th Street in Santa Monica.


Related Articles

arrow_forward_ios
J.P. Morgan's Mary Callahan Erdoes and Water Garden at 1620 26th Street in Santa Monica (Getty, Water Garden LA)
Water Garden asking price: $1.4B
Water Garden asking price: $1.4B
California Housing
California dominates list of country’s priciest zip codes
California dominates list of country’s priciest zip codes
From left: Neil Shekhter and WSC Communities' Scott Walter with 2901 Santa Monica Boulevard (Google Maps)
WSC lists three builder’s remedy-approved projects in Santa Monica
WSC lists three builder’s remedy-approved projects in Santa Monica
Oracle's Larry Ellison with 2600 Colorado Avenue (Loopnet, Getty)
Oracle puts Santa Monica office complex up for sale
Oracle puts Santa Monica office complex up for sale
Santa Monica Council member Phil Brock (votebrock.org, Getty)
Santa Monica council member: Let’s work together on builder’s remedy
Santa Monica council member: Let’s work together on builder’s remedy
JP Morgan's Mary Callahan Erdoes with 1620 26th St (Loopnet, Getty)
JP Morgan shopping 1.4M sf Santa Monica office campus
JP Morgan shopping 1.4M sf Santa Monica office campus
San Francisco Mayor London Breed (Illustration by The Real Deal with Getty)
Builder’s remedy mania will soon migrate to Bay Area
Builder’s remedy mania will soon migrate to Bay Area
From left: Doug Sloan and Neal Shekhter
Santa Monica is gearing up for a builder’s remedy brawl
Santa Monica is gearing up for a builder’s remedy brawl
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...