Castellan Capital Loans $42M to Refi Santa Monica Mixed-Use Complex

A Hong Kong-based investment platform has refinanced a mixed-use complex across the Pacific in Santa Monica, Calif.

GR Properties USA, the American subsidiary of China’s GR Lifestyle Company, landed a $42 million refinancing loan toward 2300 Wilshire Boulevard. Manhattan-based lender Castellan Capital provided the senior loan tied to the three-story, roughly 159,000-square-foot property. 

The building, completed in 2015, features 30 condos atop about 23,600 square feet of retail anchored by Trader Joe’s. Representatives for Castellan did not immediately respond to requests for comment or further information. GR Properties USA could not immediately be reached. 

Santa Monica is one of the most desirable coastal enclaves in Southern California, but that doesn’t mean properties there are immune from loan distress. Rockwood Capital’s $26.7 million commercial mortgage-backed securities loan tied to the Santa Monica Clock Tower, a 12-story office building, was transferred to special servicing in July after missing its May maturity date. Although the property was fully occupied at the time of loan issuance, occupancy there had dropped to just 43 percent by late 2024, according to a Morningstar Credit report.

Nick Trombola can be reached at ntrombola@commercialobserver.com.