CBRE Secures $200 Million in Financing for Multifamily Project in Long Beach

CBRE secured $200 million in financing for developing Alexan West End, a 600-unit multifamily community, on behalf of R&V Management and Trammell Crow Residential (TCR).

The five-year financing was secured by CBRE Capital Markets' Debt and Structured Finance teams, which included Bill Chiles, Scott Peterson, Morgon Fraser in San Diego and Tom Traynor and Adam Spengler in New York City. The team secured a $166 million construction loan from Kennedy Wilson and a $34 million mezzanine loan from a national life insurance company.

“In a tough capital markets environment, we were able to provide a competitive landscape of attractive financing that fits the needs of these long-term owners,” said Mr. Peterson, vice chairman at CBRE. “This capital allows the developer to get out of the ground when few other projects will and deliver much-needed housing to Long Beach.”

Located in downtown Long Beach at 600 West Broadway, the community’s units will be spread across four buildings, each either seven or eight stories high. The community features a mix of studios, one-, two-, and three-bedroom floorplans, each averaging 767 sq. ft.

The property will feature an array of luxury amenities, including multiple club lounges equipped with gourmet kitchens, coffee lounges, a state-of-the-art indoor and outdoor fitness center, a resort-style pool and spa, a sky deck with various entertainment areas, and a pet spa with grooming station.

TCR is one of the largest developers of multifamily housing in the country. Partnered with R&V Management, a large landlord in Southern California, the duo will deliver a best-in-class project on 5.59 acres of an excess parking lot adjacent to the Hilton Hotel and One World Trade Center.