Tishman Speyer Gets New Partner for Santa Monica Project
The development will comprise 617 mixed-income units, along with retail.
Tishman Speyer has secured the Basis Investment Group as equity partner for a collection of eight development sites across 3.1 acres in Santa Monica, Calif.
The Class A residential project in downtown Santa Monica is slated to total 617 apartments with studio, one-, two- and three-bedroom floorplans, as well as 31,000 square feet of retail space. Approximately 116 units will be designated as affordable.
BIG provided $30 million, 11 percent of the total equity, for the Santa Monica collection. Construction on the first four properties will begin in 2023, while the other four are slated for a 2024 start.
The company secured the land for the project last year. Tishman Speyer purchased the portfolio from WS Communities for $150 million. Blackstone provided financing for the acquisition.
The communities will be located near the downtown Santa Monica light rail stop. The development sites are near several dining options, retail center and entertainment venues such as the Santa Monica Pier and beach.
BIG is a certified minority and woman-owned CRE investment manager. Tishman Speyer CEO Rob Speyer said, in prepared remarks, that the company has a commitment to embedding diversity into all projects.
BIG, alongside partners Triangle Equities, Incline Capital and Goldman Sachs, also secured $317 million for an 820-unit mixed-income, ground-up development in East Orange, N.J.