Palisades Capital Partners Secures $46.25 Million Refinance From Balbec Capital LP For Multifamily Asset

The asset involved in this transaction is a multifamily property located at 200 West Ocean Boulevard in Long Beach, California. The property features 106 units with a total area of 121,713 square feet. It is classified as Class-A luxury multifamily housing and is noted for its adaptive reuse from a former Class-B office building, having been delivered in 2022. The property has achieved some of the highest rents per square foot in the Long Beach submarket.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $46,250,000
• Address: 200 West Ocean Boulevard
• Market: Long Beach
• Lender: Balbec Capital LP
• Landlord: Palisades Capital Partners
• Units: 106
• Square Footage: 121,713
• Loan Type: Refinance
• Brokers: Michael Lohan & Luke Burns - Nineteen Blocks; Zubair Khan

Nineteen Blocks Group advised 200 Ocean Boulevard LLC and Balbec Capital LP during the refinancing process. The refinancing was facilitated by a bridge loan that retired the existing KeyBank construction facility. The Long Beach/Ports submarket exhibits strong fundamentals, characterized by a vacancy rate of approximately 4.9% and a new supply pipeline that constitutes just 1.8% of the existing inventory.