In a significant development for Southern California’s real estate market, a major financing deal has been closed for a 600-unit multifamily development project in Downtown Long Beach. The financing package, totaling $200 million over five years, was announced by CBRE and led by real estate investment company Kennedy Wilson.
The financing is earmarked for the construction of Alexan West End, a residential project spearheaded by landlord R&V Management and developer Trammell Crow Residential. Kennedy Wilson has provided the lion’s share of the funds, with a $166 million construction loan, complemented by a $34 million mezzanine loan from a national life insurance company.
Situated on approximately 5.6 acres of excess parking lot at 600 West Broadway, Alexan West End is poised to redefine the Long Beach skyline. Comprising four buildings ranging from seven to eight stories each, the development promises a diverse range of living spaces, from studios to three-bedroom units, with an average size of 767 square feet.
Beyond its residential offerings, Alexan West End is set to impress with a plethora of amenities tailored for modern urban living. Residents can expect multiple club lounges equipped with kitchens, coffee lounges, indoor and outdoor fitness centers, a resort-style pool and spa, as well as a sky deck boasting various entertainment areas. Additionally, pet owners will appreciate the convenience of a dedicated pet spa complete with grooming stations.
The financing deal was orchestrated by CBRE’s capital markets team, with key players including Bill Chiles, Scott Peterson and Morgon Fraser in San Diego, alongside Tom Traynor and Adam Spengler in New York City.
This financing deal adds to a series of notable transactions that have recently unfolded across Southern California recently. Examples includeCain international securing a $2 billion construction loan for One Beverly Hills, the 6.6 million square foot Speedway Commerce Center securing a staggering $756 million construction financing package and Worthe Real Estate and Stockbridge seucring $475 million for the 800,000 square foot Second Century development in Burbank.
