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major milestone has been reached in the long-awaited development of Magnolia Coast, a 28.9-acre oceanfront project in Huntington Beach. Shoppoff Realty Investments has secured a $60.9-million mortgage to refinance existing debt and propel construction forward, with plans to break ground later this year.

    The Irvine-based real estate firm acquired the property near Magnolia Street and Banning Avenue for $26.5 million in 2016, but years of entitlement negotiations have finally yielded results. The project will now move forward with a mix of 250 residential units, including single-family homes, attached dwellings, and an affordable multifamily complex.

    A boutique hotel with 215 rooms and 19,000 square feet of retail space will also be part of the development, which is expected to contribute to the local economy and support the workforce. Shopoff President William Shopoff hailed the financing as a crucial step towards bringing Magnolia Coast to life.

    The loan from Lionheart Real Estate Strategies II, a New York-based debt fund, will enable Shoppoff to refinance existing debt while providing the necessary funding for development to begin. Andy Klein, managing director of Lionheart Strategic Management, expressed satisfaction with helping to address the undersupplied housing market in Huntington Beach.