Civitas Capital Group, a Dallas-based alternative investment manager, has closed on a senior construction loan to Blatteis & Schnur for the development of a high-street retail and creative office project at 1404-1408 Third Street Promenade in Santa Monica. The loan for an undisclosed sum was made in conjunction with the City of Santa Monica’s “Promenade 3.0” revitalization plan.
Third Street Promenade is one of Southern California’s most popular tourist destinations, boasting over 10 million visitors each year and featuring renowned brands such as Apple, Alo Louis Vuitton and Tiffany alongside movie theatres, local boutiques and sidewalk cafés.
Jorge Adler VP of investments at Civitas commented: “This project is an ideal example showcasing our opportunistic strategy; our team constantly searches for opportunities that others may overlook – this particular venture being one we believe will add substantial value moving forward.”
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