Truist Closes Construction Loan for Long Beach Multifamily
Truist recently closed a $152-million construction loan for Marina Shores, a 390-unit multifamily community at 6615 E. Pacific Coast Hwy. in Long Beach. The project is being developed by Carmel Partners.
The six-story project will transform an aging office complex and surface lot into a mixed-income community with approximately 5,400 square feet of ground-floor retail space. It is part of a major revitalization effort along the Pacific Coast Highway, which is seeing significant residential developments.
“Marina Shores brings together experienced sponsorship, strong market fundamentals, and an opportunity to deliver much-needed housing in Long Beach,” said Rebecca M. Cox, SVP and Market Manager, Truist National Real Estate.
Truist served as administrative agent and sole bookrunner on the $152-million development loan. The transaction was led by Jason Paxton, Mid-Atlantic market leader, with Walt Reece, a director on the Real Estate Syndicated Finance team at Truist Securities, leading syndication efforts.
Rendering courtesy of SCB.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout