A fund sponsored by CBRE declared they granted a $41.5 million mortgage loan for Gelt, Inc. to acquire Elevate Long Beach Apartments, a 160-unit multifamily community at Long Beach in Los Angeles County.
The floating-rate loan has an initial term of three years, and can also extend by two more years.
The five-story apartment community at 225 West Third Street is settled near the I-710 Freeway, Long Beach Airport, and Cal State University Long Beach. It was previously known as Sofi on Third, and it includes a rooftop sundeck, a 24-hour fitness center, a swimming pool, and a resident lounge.
Brandon Smith, Annie Rice, and David Pelaia at JLL Capital Markets managed the loan on account of Gelt, which is been active around Southern California.
Last year the firm sold a 232-unit community in Santa Clarita for $45.5 million.
Interest in Long Beach in particular has grown after strong employment growth. More recently, aerospace company Relativity Space signed a 1 million Sq Ft. contract for its new headquarters at the Goodman Commerce Center in Long Beach.