Berkadia Secures $70.6M in Financing for Affordable Housing Substantial Rehabilitation in Santa Monica, California
Santa Monica, California – April 16, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the financing of Westminster Towers, a 285-unit, age restricted affordable housing project in Santa Monica, California. Senior Managing Director Kevin Kozminske and Director Jeff Hall of Berkadia FHA/HUD secured construction and permanent financing through HUD’s 221(d)(4) Program.
The sponsor is Westminster Towers, Incorporated (WTI) and the deal closed on April 15. Originally developed in 1969 by Falkenberg Gilliam & Associates (FGA) for WTI, Westminster Towers will undergo significant upgrades, including comprehensive unit and common area renovations.
Senior Managing Director Kevin Kozminske of Berkadia FHA/HUD led the financing, which included resubordinating a Flex Subsidy Loan and securing new 20-year HAP and PBV contracts. Collaborating closely with FGA and Benchmark Contractors, Berkadia leveraged its expertise in HUD financing to ensure the project’s smooth execution.
FGA’s team is led by Vice President Charles Eldred. Under Priscilla Gilliam’s leadership, FGA began work on this renovation over nine years ago. Focusing on the mission of WTI, a leader in quality senior affordable housing in Santa Monica, and in the spirit of Priscilla Gilliam, FGA’s late founder and stalwart affordable housing visionary, our goals were to reimagine Westminster Towers with modern functionality and a supportive community environment.
“We are thrilled to team up with Falkenberg/Gilliam & Associates and Benchmark Contractors on this transformative project,” said Kozminske. “This rehabilitation not only modernizes Westminster Towers but also reinforces our commitment to preserving affordable housing for seniors in Santa Monica.”
“We are beyond grateful to have this opportunity to work with such an experienced team. Berkadia’s financial guidance has proven again to be of the highest quality while Benchmark’s pursuit of construction and budgetary solutions to complex problems has been invaluable,” said Charles Eldred.
Situated at 1112 7th Street, Westminster Towers is conveniently located just one mile from the beautiful Santa Monica beaches.
Berkadia Secures $71 Million for Santa Monica Affordable Housing Renovation | CRE Market Beat