The City Council also approved a loan of $1.1 million to assist the formation of a limited-equity cooperative at 1959 Cloverfield Blvd. The tenants of the Cloverfield Gardens apartment have been working with Community Corp. of Santa Monica to convert the building into a cooperative. They agreed to buy it for $2.2 million, or $35,484 a unit.
The tenants also have received a commitment for $1.7 million from the National Consumer Cooperative Bank. The total loan package of $2.8 million includes funds for renovating the building.