A vacant shopping center in Long Beach is one step closer to multifamily redevelopment. Texas-based developer JPI locked down an $88.4 million construction financing package for the site from Tokyo Tatemono U.S. and BMO Bank, Commercial Observer reported. JPI, which was purchased by Sumitomo Forestry America a few years ago, plans to redevelop part of the former City Place mall, at 450 The Promenade North, into a 272-unit mixed-use building. The financing works out to $325,000 per unit. Of the 272 units, 16 would be set aside for affordable housing. The building will have about 18,841 square feet of ground-floor retail […]
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