{"id":53048,"date":"2025-11-14T14:38:08","date_gmt":"2025-11-14T14:38:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/53048\/"},"modified":"2025-11-14T14:38:08","modified_gmt":"2025-11-14T14:38:08","slug":"jpi-nabs-150m-construction-loan-for-272-apartments-in-downtown-long-beach","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/53048\/","title":{"rendered":"JPI nabs $150M construction loan for 272 apartments in Downtown Long Beach"},"content":{"rendered":"

Texas-based developer JPI<\/a>, along with Tokyo Tatemono US Ltd. and BMO Bank, has announced the closing of construction financing for a mixed-use apartment complex in Downtown Long Beach<\/a>.<\/p>\n

The project, called Portico, will be located at 450 The Promenade North, and will be the first phase of the Mosaic redevelopment of the City Place mall. Plans call for the construction of \u00a0272 studio, one-, two-, and three-bedroom apartments, as well as 18,841 square feet of ground-floor commercial space.\u00a0<\/p>\n

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\nAerial view looking southeastMVE + Partners<\/p>\n

Project approvals will require 16 of the apartments to be rented as deed-restricted affordable housing.<\/p>\n

\u201cThis project represents a key step forward in reimagining Downtown Long Beach,\u201d said JPI chief financial and investment officer Mollie Fadule in a press release. \u201cWith the support of\u00a0Tokyo Tatemono US Ltd.\u00a0and BMO Bank, we are not just building homes, we are creating a destination that blends housing, retail, and culture into a thriving urban experience.\u201d<\/p>\n

The mixed-use complex is portrayed in renderings as a contemporary podium-type building with a brick facade. Plans also call for a rooftop deck, a sports simulator, and a pool deck, among other amenities.<\/p>\n

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\nAerial view of City Place in Downtown Long BeachTurnbridge Equities \/ Waterford Property Company \/ Monument Square Investment Group<\/p>\n

Completion of Portico is expected in 2018.<\/p>\n

The overall mall property was entitled for redevelopment by Turnbridge Equities, Waterford Property Company<\/a>, and Monument Square Investment Group. The remainder of the property is slated for the construction of 628 residential units in a series of eight-story structures designed by MVE + Partners<\/a>. However, AC Martin will serve as architect for Portico.<\/p>\n

Other developments from JPI now taking shape in Southern California include housing developments next to Metro stops in Monrovia<\/a>, Inglewood<\/a>, as well as in unincorporated West Carson<\/a>. The developer was previously attached to a plan to build more than 580 homes on the former site of Long Beach City Hall<\/a>.<\/p>\n

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