LONG BEACH, CALIF. — A fund sponsored by CBRE Global Investors has closed on a $41.5 million loan the acquisition of Elevate Long Beach Apartments, a multifamily property located in Long Beach. The borrower is Los Angeles-based investment firm Gelt.
The floating-rate loan has an initial term of three years, which can be extend up to two additional years, and includes future funding to finance the sponsor’s business plan. Brandon Smith, Annie Rice and David Pelaia of JLL Capital Markets in Los Angeles arranged the loan for the borrower.
Located at 225 W. Third St., Elevate Long Beach (formerly known as Sofi on Third) features 160 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a rooftop sundeck with grilling stations, 24-hour fitness center, swimming pool, resident lounge and secured subterranean parking garage.