The Long Beach Marketplace, an outdoor retail center with plans to add residential development has scored a $56 million refinance, its owner Mamo Company told The Real Deal.
LoanCore Capital Real Estate Investment Trust, a LoanCore Capital funding vehicle, provided the fresh $56.25 financing on the property, which is home to a Trader Joe’s and a soon-to-open Sweetgreen, among other tenants.
About five years ago, Santa Ana-based Mamo bought out its partner Pacific Castle for $67 million, The Real Deal reported at the time. Mamo later received a $55 million, five-year bridge loan from Korth Direct Mortgage to refinance the property in 2023, according to the company. Korth Direct Mortgage, in the announcement, said the collateral property was worth $86.9 million but estimated it will appreciate to $104.4 million within three years.
The Long Beach Marketplace spans 18.5 acres, with about a third of the site currently unused after multiple businesses closed due to the pandemic, a roster that included a UA Theater, and El Torito, Claim Jumper and Tilted Kilt restaurants.
Mamo is in discussions with developers to build apartments to fill the vacant space, the company said. Not including the vacant area earmarked for redevelopment, the total leasable space amounts to around 113,000 square feet.
The portion of the property expected to remain dedicated to retail currently has 40 tenants, including recent arrivals Modern Animal, Phenix Salon Suites, Crumbl Cookies, Orangetheory Fitness and Watch Me! Sports Bar, according to Mamo.
The retail complex built in the 1970s is minutes away from 2nd & PCH, a high-end outdoor mall owned by CenterCal Properties, which recently purchased the Long Beach Towne Center for $145 million.
Mamo isn’t the only retail owner to land fresh funds in recent months. The Buie Stoddard Group secured a $54 million refinance for five shopping centers in Southern California. Earlier, Unibail-Rodamco-Westfield neared a $925 million refinancing package for Westfield Century City.
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