Forward-thinking developers are excellent customers. An article in Monday’s Los Angeles Times highlighted NMS Properties’ purchase of the Denny’s restaurant site at Colorado and Lincoln in Santa Monica, and how the property is near the expected end of the Metro Rail to the beach. The train won’t be running for at least four years (and could be more), but NMS will be well positioned with 250 apartments close to the coming station and in a newly zoned commercial corridor along Lincoln Blvd (per Santa Monica Patch).
Our second deal with NMS, Century provided a $9 million acquisition loan, giving them the time to get their proposed development through the city’s approval process. While the price of $300 per foot is close to peak prices from five years ago, the value is generated by the allowable density in the corridor, with residential buildings permitted to have at least one extra floor. More apartments means more residents means more vibrancy on the street, the key amenity for a walkable, sustainable neighborhood, especially when transit is added to the mix. Read more