H
ankey Capital is moving forward with plans to build a new 129-unit apartment complex in Santa Monica. The eight-story building, designed by Ottinger Architects, will replace a vacant lot at the intersection of Santa Monica Boulevard and Yale Avenue. The project includes 129 studio, one- and two-bedroom apartments atop a parking garage for 129 cars, as well as a rooftop deck and inset balconies.

    The development originated from a builder's remedy project initiated by WS Communities in 2022, but was later processed administratively with the City of Santa Monica after Neil Shekhter's company surrendered more than half its portfolio to lenders. Hankey Capital is one of the new owners, having acquired the project along with Madison Realty Capital.

    Hankey Capital has a significant presence in Southern California, owning over 1 million square feet of commercial property and 500,000 square feet of urban land valued at over $1 billion. The company also carries over $1.5 billion in loans.