New $8 Million Loan for Multifamily Renovation Closed in Long Beach, California
We are pleased to announce the recent closing of an $8 million first mortgage loan for a 34-unit multifamily property in Long Beach, California. The Long Beach property is a major milestone as it represents our continued expansion on the West Coast of the US.
Long Beach is an incredibly active real estate market, with investors spending nearly $1 billion in the past year in multifamily. This far exceeds all other regions in the greater Los Angeles area.
The multifamily property, consisting of two adjacent two-story buildings, was built in 1961. Amenities include an outdoor swimming pool, laundry room, and 29 covered and open parking spaces for residents and guests.
Approximately 1.3 miles east of Downtown Long Beach and 20 miles south of Los Angeles, Long Beach is home to California State University, Long Beach (CSULB), the largest four-year public school system in the U.S., and 4th Street Retro Row, a quarter-mile strip along 4th street lined with independent merchants, vendors and restaurants.
The Long Beach property is ideal for young professionals working in surrounding urban areas; seeking luxury housing that fits their budget and offers a convenient commute. The overcrowding, housing shortages, and high costs of neighboring cities like Los Angeles City, Beverly Hills, West Hollywood, and Santa Monica, have led home-buyers and renters to consider Long Beach as an affordable and convenient alternative.
We are thrilled for the opportunity to expand our footprint in the Greater Los Angeles area while maintaining our high standard of speed and flexibility. We look forward to developing additional deals in this market in the near future.