LoanCore Lends $75M For Long Beach Community

reprints


Despite the economic turbulence, multifamily investment continues to flow in Southern California.

The Landing at Long Beach
The Landing at Long Beach John Maps Watkins

LoanCore Capital has provided a $75 million refinancing loan for a 206-unit garden-style apartment community in the city of Long Beach. The three-year floating-rate loan comes with two one-year extensions.

SEE ALSO: 3650 REIT Refinances Nationwide Industrial Portfolio With $94M Loan

JLL announced the loan and represented the borrower, Silver Star Real Estate, which acquired the property in 2019 for $72 million.

The apartment community, named The Landing at Long Beach, is at 1613 Ximeno Avenue at the Long Beach Traffic Circle Area, near the 710 Freeway as well as the 405 Highway. The Landing was built in 1985 and renovated in 2015, with one- and two-bedroom units with an average size of 705 square feet. The property also features a tennis court, a basketball court, a picnic area and a pool.

Demand for multifamily assets in Long Beach continues to rise, similar to the rest of Southern California. Earlier this year in Long Beach, Golden Bee Properties acquired 143 units, MWest Holdings acquired 94 luxury units, Holland Partners acquired a multifamily redevelopment, and Gelt paid $156 million for 271 units.

JLL’s Greg Brown and Charlie Vorsheck represented Silver Star Real Estate, a privately-owned real estate company based in La Palma, Calif. 

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.