Pimco, Witkoff Group Default On $405M Santa Monica Apartments

Barchart·12/19/2025 16:56:16

Pimco and Witkoff Group are in default on a more than $400M loan for an apartment complex in downtown Santa Monica.  The property is The Park Santa Monica, a 249-unit complex at 500 Broadway, according to Bloomberg.  The Park Santa Monica was completed three years ago. Rents for studio apartments start at about $4,000 a month. Three-bedroom units go for up to $19K per month, Bloomberg reported. That places the property on the higher end for Santa Monica. Related California opened a new building at 700 Broadway in October, with studio rents starting at about $4K and three-bedroom rents starting at $12K, according to a release for the building's opening. Pimco owns 98.5% of the equity in the...