has locked in roughly $170 million in construction financing to push forward a pair of mixed-use projects on Santa Monica’s Wilshire Boulevard, clearing one of the tallest hurdles for major development in the city. The deal funds two eight-story buildings at 2025 and 2501 Wilshire that together are expected to bring about 320 apartments plus new ground-floor retail, replacing low-rise commercial buildings near Douglas Park.
According to Urbanize LA, CEI announced the financing in a LinkedIn post touting the closing of construction loans for both Wilshire sites. The post highlighted members of the Pacific Life Re team as partners in the transaction and said the capital would bankroll demolition, permitting and early construction work. Urbanize put the total package at roughly $170 million and framed it as part of CEI’s broader buildout across Santa Monica.
Project details
2025 Wilshire
City planning records describe 2025 Wilshire as an eight-story, 150-unit project with about 8,648 square feet of ground-floor commercial space and three levels of subterranean parking with roughly 196 vehicle stalls, per an Administrative Approval filing with the City of Santa Monica. DLR Group is listed as architect of record, with a unit mix running from studios to three-bedrooms and on-site bicycle and EV infrastructure to meet local code. Those submissions form the official project record as CEI works through design refinements and permitting.
2501 Wilshire
For 2501 Wilshire, CEI is proposing another eight-story building, this one with about 170 apartments above roughly 17,826 square feet of ground-floor retail and a four-level subterranean garage. Ottinger Architects is identified as the designer in publicly available materials. Cypress Equity Investments has posted renderings and program details for the site, which sits directly east of Douglas Park and would replace a strip of low-rise commercial storefronts. The developer’s materials also flag inclusionary, deed-restricted affordable units within the project.
How the deals fit Santa Monica’s housing push
Both Wilshire projects are moving ahead under Santa Monica’s off-site affordable housing pilot program, a local tool that allows required affordable units to be constructed at a different location in order to speed overall housing delivery, Urbanize LA reports. That framework has become central to CEI’s strategy in the city. Urbanize notes the firm now has hundreds of apartments under construction in Santa Monica, and local coverage has tracked a nearby CEI project at 1902 Wilshire that recently broke ground. Santa Monica Mirror covered the 1902 Wilshire groundbreaking and detailed how the pilot program reshapes where the affordable units ultimately land.
What’s next
With financing secured, CEI is positioned to roll into demolition, additional permit filings and early site work at both Wilshire addresses, although multiple regulatory checkpoints and inspections still stand between the projects and full building permits. City records and developer plans already on file provide the administrative approvals and design documents that staff will use in reviewing final submissions, while neighbors and planners keep an eye on design review hearings and inspection milestones as construction timelines firm up.
Together, the two Wilshire developments highlight Santa Monica’s ongoing push to add housing on the Westside while trying to preserve active retail at street level. They also tap into familiar local debates over building height, parking supply and how much change existing neighborhoods should absorb. As CEI shifts from lining up capital to pouring concrete, city officials and residents will be watching how the off-site affordable model translates into deed-restricted homes on the ground and how traffic and public-space impacts are handled. For a sense of CEI’s wider footprint in town, see Hoodline’s recent coverage of the company’s Pico Boulevard effort, including its Pico Boulevard project, which offers additional background on CEI’s work in the city.
