JLL Capital Markets announced that it has arranged the $75 million refinancing for The Landing at Long Beach, a 206-unit garden-style apartment community in Long Beach, California.
JLL represented the borrower, Silver Star Real Estate, to secure the three-year, floating-rate loan through LoanCore Capital with two one-year extensions.
Built in 1985 and renovated 2015, The Landing features one- and two-bedroom units with an average size of 705 square feet. 58 percent of the units are renovated with updated finishes, including stainless steel appliances, white shaker-style cabinets, quartz countertops and faux wood flooring. The community features a courtyard, a tennis court, a basketball court, a picnic area, a resort-style pool and storage parcels.
Situated at 1613 Ximeno Ave. near the Long Beach Traffic Circle Area, The Landings sits within one of the largest economic corridors within the greater Los Angeles MSA. The community is walkable to many restaurants, entertainment and diverse retail offerings, providing an urban lifestyle. The Willow Street light rail station is located four miles from the property, which provides a direct commute to downtown Los Angeles. Furthermore, major freeways, including I-710, 110 Freeway and I-405 allow residents with direct access to Los Angeles and Orange County.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Greg Brown and Associate Charlie Vorsheck.
“Now more than ever, it is vitally important to deliver certainty to our clients. Thanks to a strong relationship with our lender, we were able to sign up and close this loan amidst a choppy time in the capital markets with no change to key loan terms,” said Brown.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.