Premier at City Place

Jul 28, 2015


221-unit luxury apartment project constructed above over 76,000 square feet of street level retail.


Downtown Long Beach, CA


$25.5 million construction loan coupled with $2.35 million in mezzanine debt comprising 95% of total project costs. The mezzanine debt was competitively priced at LIBOR + 7% with no profit participation. This high leverage financing structure allowed the developer to maintain 100% ownership of the project. Midway through construction, the developer wished to reduce his recourse exposure by bringing in a joint venture partner. The principals of HRC arranged $5.5 million in joint venture financing reducing the recourse financing from 95% of cost to 77%, and returning some cash equity to the borrower.

Skip to content