**Berkadia Secures $70.6M to Renovate Westminster Towers Affordable Housing in Santa Monica**
Berkadia has successfully arranged $70.6 million in financing for the rehabilitation of Westminster Towers, a 285-unit, age-restricted affordable housing community located at 1112 7th Street in Santa Monica, California.
Senior Managing Director Kevin Kozminske and Director Jeff Hall of Berkadia FHA/HUD led the transaction, which included both construction and permanent financing secured through HUD’s 221(d)(4) program.
The project sponsor, Westminster Towers, Incorporated (WTI), originally developed the property in 1969 with Falkenberg Gilliam & Associates (FGA) as the architect and developer. The upcoming renovation will feature comprehensive updates to both the individual units and the shared common areas, enhancing the overall living experience for senior residents.
“This rehabilitation not only modernizes Westminster Towers but also reinforces our commitment to preserving affordable housing for seniors in Santa Monica,” said Kozminske.
The financing structure also involved the resubordination of a Flex Subsidy Loan and the establishment of new 20-year Housing Assistance Payment (HAP) and Project-Based Voucher (PBV) contracts. FGA first initiated the redevelopment efforts over nine years ago under the leadership of its founder, the late Priscilla Gilliam.
This project underscores the commitment by stakeholders to maintain and modernize affordable housing options for seniors in one of Southern California’s most housing-challenged markets.
*Photo courtesy of Yardi Matrix.*
