US developer Carmel Partners has secured 152 million dollars in construction financing for a large-scale residential project in Long Beach, California. Financial institution Truist is serving as the lender, as the bank officially announced. The Los Angeles-based real estate firm plans to deliver a six-storey building complex combining modern residential space with commercial units.
The project is named Marina Shores and is situated at 6615 East Pacific Coast Highway. On the site, an ageing office complex and extensive surface parking are making way for the new development. The scheme will comprise a total of 390 mixed-income residential units and will also provide approximately 5,400 square feet of ground-floor retail and commercial space.
Structuring of the financing by Truist
In providing the construction loan, Truist acted as administrative agent and sole bookrunner. Jason Paxton was responsible for leading the transaction, whilst Walt Reece headed the loan syndication. The participating parties disclosed no information regarding the interest rate or the exact term of the facility.
Construction on the Pacific coast site commenced earlier this month. According to the current timeline, Carmel Partners expects completion of the complex in May 2029. The scheme is part of a noticeable revival in residential construction activity along the Pacific Coast Highway in Long Beach.
Key facts of the Marina Shores project
- —Construction loan volume: 152 million dollars
- —Planned residential units: 390 mixed-income units
- —Ground-floor commercial space: approx. 5,400 square feet
- —Expected completion: May 2029
With Marina Shores, Carmel Partners is advancing redensification in a sought-after coastal location. By replacing underutilised office space with dense housing, the developer is responding to ongoing demand for homes in the Greater Los Angeles area.
