Natixis Originates $49.0 Million Loan for Refinancing of Long Beach Marketplace
Natixis provided $49,000,000 of floating-rate financing to Pacific Castle for the refinancing of Long Beach Marketplace, a 160,905 sq. ft., grocery-anchored retail center located in Long Beach, California. The loan will replace the existing CMBS debt and provide additional funds for future leasing costs. The loan is structured with a three-year initial term and two one-year extension options.
The property is located at 6401-6605 East Pacific Coast Highway in Long Beach, near the communities of Seal Beach, Naples Island, and Belmont Shore. The property is anchored by a top-performing Trader Joe’s and is also home to a number of national and regional retailers, including Beverages & More, Aaron Brothers, Claim Jumper, California Pizza Kitchen, The Coffee Bean, Nekter Juice Bar, and Ruby’s Diner, among others. The transaction was arranged by Steven Yazdani of Lucent Capital and was originated out of Natixis’ Los Angeles office.