Trammell Crow Residential and partner R&V Management have secured $200 million in financing for a large multifamily residential complex located just north of the World Trade Center in Downtown Long Beach, Kennedy Wilson announced this week.

The loan, which will go toward the first two phases of the Alexan West End development at 600 Broadway, was arranged by CBRE, and includes a $166 million construction loan from Kennedy Wilson and a $34 million mezzanine loan from a life insurance company.

View looking southeast from BroadwayStudio One Eleven

“In a tough capital markets environment, we were able to provide a competitive landscape of attractive financing that fits the needs of these long-term owners,” said CBRE vice chairman Scott Peterson, who worked on the deal along with Bill Chiles and Morgon Fraser in San Diego and Tom Traynor and Adam Spengler in New York. "This capital allows the developer to get out of the ground when few other projects will and deliver much-needed housing to Long Beach.”

The project, which would replace a 5.5-acre parking lot, is described as consisting of 600 residential units in four buildings which range from seven to eight stories in height. Plans call for studio, one-, two- and three-bedroom dwellings - averaging 767 square feet in size - as well as amenities including a fitness center, a swimming pool and spa, and a rooftop deck.

TCR, which paid roughly $30 million to acquire the project site in 2022, has entitlements to build approximately 750 residential units in total on the site. A third phase of the project, which was not part of the funding awarded, would consist of a high-rise building at the western edge of the property.

Street view of Alexan West EndStudio One Eleven

Studio One Eleven designed the approved project, which calls for breaking up the large development site with new streets and pedestrian paths.

"Historically a neighborhood of smaller structures, this site was cleared for the construction of the World Trade Center and adjacent hotel and parking lots in the 1980s," reads a project description from the firm's website. "This project seeks to break down the megablock, reintroducing the historical street grid and bringing housing, live-work, and retail spaces to round out a vibrant, mixed use district."

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