Truist Funds New Multifamily Project in Long Beach
The bank provided a $152 million construction loan for a 390-unit building on the East Pacific Coast Highway.
Updated on Oct. 27, 2026 in Construction
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Truist has issued a $152 million construction loan to finance a new 390-unit residential development in Long Beach. The six-story project, located at 6615 East Pacific Coast Highway, is currently under construction.
Why it matters
The financing supports a significant increase in local housing stock by replacing an existing office complex and parking lot with modern residential units. By incorporating ground-floor retail, the development aims to blend housing with neighborhood commercial accessibility.
The development spans six stories and features 390 residential units alongside 5,400 square feet of ground-floor retail space. Truist served as the administrative agent and sole bookrunner for the $152 million loan.
The players
Truist
This financial institution provides a wide range of banking, insurance, and investment services to individual and commercial clients.
Carmel Partners
This real estate investment firm focuses on the acquisition, development, and renovation of multifamily apartment communities across the United States.
The details
Carmel Partners has begun work at the 6615 East Pacific Coast Highway site to transform the property into a high-density living space. The construction replaces the previous office facilities that occupied the plot.
Timeline
Construction on the project began in October 2026.
Completion of the construction project is expected around May 2029.
Market Landscape
This development reflects the ongoing densification of urban corridors along the Pacific Coast Highway by converting underutilized office lots into residential space. It positions the project to capture demand for housing as urban developers move to maximize land use efficiency.
The project will eventually provide 390 new residential units in the Long Beach area, potentially increasing housing availability for local renters. Additionally, the planned 5,400 square feet of retail space may offer new shopping options for neighborhood residents.
The takeaway
Large-scale urban infill projects represent a shift toward high-density living to combat regional housing shortages. Residents should monitor local planning updates to see how these additions influence neighborhood traffic and commercial development patterns.
What happens next
Construction is projected to be completed in May 2029.
Further reading
Learn more about the latest building trends in the Construction section.
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Do you support the construction of large multifamily apartment projects in your local community?
