Northmarq arranges acquisition financing for Chelsea Apartments in Santa Monica, CA
SANTA MONICA, Calif. (April X, 2026) — Northmarq’s Phoenix Debt + Equity team led by Griffin Martin and James DuMars completed the acquisition financing of Chelsea Apartments, a 53-unit mid-rise apartment community located at 1318 2nd St. in Santa Monica, California.
Northmarq arranged the permanent-fixed financing on behalf of the borrower through its relationship with a national bank lender. The transaction was structured on a 10-year term.
“We were pleased to work with this repeat client relationship on this trophy asset,” said Martin. “The borrower chose a lender with a very competitive rate and terms after a detailed bid process.”
Chelsea Apartments is a highly sought-out asset due to location and quality. The property is situated in the Santa Monica Pier/Ocean Avenue area, a top coastal neighborhood located just a few blocks from the beach, the pier, and the retail options at 3rd Street Promenade.
Units include studio, one- and two-bedroom offerings. Apartment amenities include full ocean views, white quartz counters, fire oak finished cabinets, Nest thermostats, walk-in closets, separate tub and shower glass enclosures, double bowl sinks in bathrooms, full-sized front-load washer and dryer, large closets and high efficiency dual paned windows and doors.
Community amenities include a fire pit, courtyard, bike storage, sky deck, BBQ grills and a bike repair station. It also features 5,988 square feet of ground floor retail space.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
