An adaptive reuse property in Long Beach recently secured $46.3 million in refinancing.
The asset, located at 200 W. Ocean Blvd. in downtown Long Beach, is a 106-unit luxury multifamily complex, and previously served as a Class B office building.
In addition to residential units, the property also has three stories of subterranean parking. Built in 2022, the property also has an amenity deck with a pool and fireplaces. It’s also within walking distance of the Metro Blue Line and near a number of large employers.
Jones Lang LaSalle Inc. represented the borrower. It is a three-year, floating-rate loan. The team was led by Senior Managing Director Jeff Sause, Associate Jacob Michael and Analyst Thomas Gonzalez.
Busy time in Long Beach
Long Beach has seen a boost in development, which includes $145 million for the new Belmont Aquatic Center and $80 million for Convention Center upgrades. The upgrades are part of the Elevate ‘28 initiative, the city’s five-year infrastructure program in preparation for the 2028 Olympic and Paralympic Games.
Other projects include the $700 million Hard Rock Hotel and $100 million Pike Outlets redevelopment.
“The successful refinancing of 200 West Ocean demonstrates the continued strength and investor confidence in downtown Long Beach’s luxury multifamily market,” Sause said in a statement. “The property’s best-in-class amenities and strategic location position it to benefit from the significant public and private investment flowing into the area ahead of the 2028 Olympics.”
According to CoStar Group Inc., Long Beach is one of the three leading multifamily markets within L.A. County in terms of units under construction. Along with Koreatown and downtown, Long Beach accounts for 30% of all activity within the county 2015, data showed.
