Long Beach Land Loan
Long Beach, CA
November 16, 2023
Funding Supports Pre-Construction Costs for 31-story Hotel Planned to Rise on Long Beach Waterfront Beginning Summer 2024; Gantry’s Loan Producers Continue to Source Attractive Development Financing from Roster of Debt Fund, Life Company, Bank and Credit Union Sources
Long Beach, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $8.75 million of early phase financing covering the land acquisition for a new Hard Rock Hotel planned to rise at 100 E. Ocean Blvd. in Long Beach, Calif. The new hotel is planned for approximately 427 rooms and suites, and will feature a rooftop bar, intimate speakeasy theater, and other unique Hard Rock brand amenities. Construction is planned to commence in Summer 2024, with expectations of opening in Spring 2027.
“With the Hard Rock brand consistently elevating and expanding its upscale entertainment offerings, we’re thrilled to be a part of this amazing venture in Long Beach,” said Greg Steinhauer, President of Steinhauer Properties. “We’re proud to have the opportunity to create a unique and dynamic asset in this beautiful coastal city that reflects the incredible energy of this diverse community that is sure to attract visitors from around the world.”
Gantry’s Andy Bratt, Principal, Amit Tyagi, Senior Director, Stefan Malmlund, Director, and Sean Kuang, Associate, with the firm’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned Hard Rock Hotel. The loan was provided by one of Gantry’s affiliated debt fund lenders and offers interest only terms at an attractive fixed rate with extension options for flexibility.
According to Gantry’s Andy Bratt, “Gantry specializes in identifying development and construction funding from our roster of more than 100 unique lenders and capital sources. The Hard Rock development is backed by a well-capitalized sponsor with extensive experience delivering complex projects in urban environments. Our team was able to articulate our client’s vision for this exciting project and review all potential sources for the land acquisition funding, landing on a debt fund able to provide optimized terms for this phase of the project. Now that the fully entitled land site is in complete control of the sponsor, we expect to see construction commence this coming summer, with anticipated delivery of completed hotel by Spring 2027.