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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 property and controlled investment decisions, a representative for Witkoff Group told Bloomberg. Witkoff Group, the development firm founded by U.S. special envoy Steve Witkoff, owns 1.5%.
Pimco declined to comment when reached by Bisnow on Friday, and representatives for Witkoff did not respond.
Ownership received a $324M loan for The Park in 2021 from affiliates of Mack Real Estate Credit Strategies. That debt increased to $405M in November 2024 and matured in July 2025, according to Bloomberg. The total debt, including interest and late fees, had risen to roughly $439.5M by Nov. 10 with accrued interest and late charges.
Steve Witkoff founded his firm in 1997 but sold an interest in it when he was appointed as U.S. special envoy to the Trump administration this year. His son Alex Witkoff now runs the firm.
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