Payton Mayes Of JPI Secures $88.4 Million Loan From Tokyo Tatemono US & BMO Bank In Long Beach

A development site located at 450 The Promenade North in Long Beach is under development with an estimated total loan amount of $88,400,000. The asset comprises a mixed-use building that will include 272 residential units, of which 16 are designated as affordable units, and features 18,841 square feet of commercial space. The project is part of the 14-acre Mosaic redevelopment initiative, which aims to transform the former City Place mall area, with completion anticipated in 2028.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $88,400,000
• Lender: Tokyo Tatemono US & BMO Bank
• Landlord: Payton Mayes - JPI
• Project Size: 272 units, 18,841 SF of commercial space
• Affordable Units: 16
• Future Development: 900 units and 38,000 SF of commercial space expected

Payton Mayes, representing JPI, has secured the construction financing for this project, which marks the initial phase of a significant redevelopment effort in Long Beach. The collaboration between Tokyo Tatemono US and BMO Bank will support the extensive planning and execution of the project.