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 financing included a $166-million construction loan from Kennedy Wilson and a $34-million mezzanine loan from a national life insurance company.
The five-year financing 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.
“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.”
Located in downtown Long Beach at 600 West Broadway, the community’s units will be spread across four buildings, each either seven or eight stories high. The project will feature a mix of studios, one-, two-, and three-bedroom floorplans.
