Long Beach Civic Center project

Overview:

• Plenary Group and Plenary Properties Long Beach are developing a new city hall, a new public library, new parking facilities, a revitalized park and a new headquarters for the Port of Long Beach.
• The borrower obtained a $513 million financing package to finance the project.
• The package included a $239 million 43 year private placement with Allianz, a $213 million loan with Sumitomo Mitsui Banking Corporation, a $21 million equity investment and cash and land from the City of Long Beach, valued at $40 million. 

Rani Mehta - Journalist