CBRE secured $200 million in financing for developing Alexan West End, a 600-unit multifamily community in Long Beach, on behalf of R&V Management and Trammell Crow Residential. The property is located just north of the World Trade Center in Downtown Long Beach.
The loan, which will go toward the first two phases of the Alexan West End development at 600 Broadway, was arranged by CBRE, and includes a $166 million construction loan from Kennedy Wilson and a $34 million mezzanine loan from a life insurance company.
The five-year financing for Alexan West End was secured by CBRE Capital Markets’ Debt and Structured Finance teams, which included Bill Chiles, Scott Peterson and Morgon Fraser in San Diego and Tom Traynor and Adam Spengler in New York City.
The development would replace a 5.5-acre parking lot. Amenities will include a fitness center, a swimming pool and spa, and a rooftop deck. Studio One Eleven designed the approved project, which calls for breaking up the large development site with new streets and pedestrian paths.
“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 Peterson. “This capital allows the developer to get out of the ground when few other projects will and deliver much-needed housing to Long Beach.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
