Elkins Kalt Represents Civitas Capital Group on US$27.4 Million Construction Loan for Development of Mixed-Use Retail Project at Third Street Promenade in Santa Monica, CA
June 27, 2023
Elkins Kalt advised Civitas Capital Group, a Dallas-based alternative investment manager, on a US$27.4 million senior construction loan to Blatteis & Schnur, a Southern California developer.
The proposed approximately 25,000 SF mixed-use development on Third Street Promenade in Santa Monica will feature spaces for high-street retail, creative office and a fourth floor with a unique outdoor roof terrace with views of the Santa Monica Mountains.
Upon completion in 2024, 1404-1408 Third Street Promenade will be the only new, state-of-the-art, ground-up construction project on the Third Street Promenade. The development site is situated across from the Apple Store, less than one block from Santa Monica Place (the 500,000 SF luxury shopping center anchored by Nordstrom) and within a short walk to the Santa Monica Pier.
The Elkins Kalt real estate finance team was led by attorneys Shai Halbe and Daniel Abram.
