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3/26/24
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A major residential development in downtown Long Beach is closer to getting underway, as R&V Management and Trammell Crow Residential (TCR) have obtained $200 mil in financing for Alexan West End, a 600-unit multifamily community. The funding is comprised of a $166 mil construction loan from Kennedy Wilson and a $34 mil mezzanine loan from a national life insurance company.
Located in downtown Long Beach at 600 West Broadway, Alexan West End will consist of four buildings, each either seven or eight stories high. The best-in-class project will sit on 5.59 acres of an excess parking lot adjacent to the Hilton Hotel and One World Trade Center in downtown.
The project will feature a mix of studios, one-, two-, and three-bedroom floorplans, each averaging 767 sf in size. There will be 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.
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.
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