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JPI Closes on Construction Financing for $150M Portico in Long Beach
JPI, in partnership with Tokyo Tatemono US Ltd. and BMO Bank, has closed on construction financing for Portico, a $150-million, mixed-use development in Long Beach. Located at 450 The Promenade North, Portico marks the first phase of the Mosaic redevelopment project, formerly known as City Place Long Beach.
Slated for delivery in 2028, Portico will feature 272 multifamily units, including studio, one-bedroom, two-bedroom, and three-bedroom apartments – 16 of which will be designated as affordable housing units. The development will also include 18,841 square feet of ground-floor retail.
“This project represents a key step forward in reimagining Downtown Long Beach,” said Mollie Fadule, CFO and CIO at JPI. “With the support of Tokyo Tatemono US Ltd. and BMO Bank, we are not just building homes; we are creating a destination that blends housing, retail and culture into a thriving urban experience.”
The broader 14-acre Mosaic redevelopment, led by Turnbridge Equities, Waterford Property Company and Monument Square Investment Group, will ultimately deliver 900 multifamily units and 38,000 square feet of commercial space.
- ◦Development
- ◦Financing
