California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Development
- ◦Financing
Apartment buildings for sale
Check out the latest properties available on apartmentbuildings.com
4630 Kester Ave
Sherman Oaks, CACalifornia & West + Apartment Buildings
Learn MoreListing Status: Available Listing Type: Call for offers Price: $10,500,000 No. of Units: 28 Year Built: 1996 Lot Size: 31236 Acres Opportunity Zone: No Price per unit: $375,000 
1817 E. 2nd Street, Duarte
Duarte, CACalifornia & West + Apartment Buildings
Learn MoreListing Status: Available Listing Type: Highest & best offer Price: $8,200,000 No. of Units: 30 Cap Rate: 4.96 GRM/GIM: 10.64 Average Occupancy: 100 Year Built: 1966 Building Size: 23917 Sq ft Lot Size: 52034 Acres No. of Stories: 2 APN: 8529-009-022 Opportunity Zone: No Price per unit: $273,333
