At a glance
- Commercial Observer reported that Truist is administrative agent and sole bookrunner on the financing.
- The loan's interest rate and maturity date were not disclosed.
- The six-story Marina Shores replaces an aging office complex and surface parking lot at 6615 East Pacific Coast Highway and includes about 5,400 square feet of ground-floor retail.
Truist provided a $152 million construction loan to Carmel Partners for a 390-unit apartment project in Long Beach, California, the bank said Tuesday. Commercial Observer reported that Truist is administrative agent and sole bookrunner on the financing.
The loan's interest rate and maturity date were not disclosed. Construction started earlier this month, with completion expected around May 2029.
The six-story Marina Shores replaces an aging office complex and surface parking lot at 6615 East Pacific Coast Highway and includes about 5,400 square feet of ground-floor retail. The project is mixed-income.
For an allocator buying a participation, the debt per unit is about $390,000, a construction-loan basis on an infill coastal site rather than a stabilized value.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections