Truist recently closed a $152-million construction loan for Marina Shores, a 390-unit multifamily community at 6615 E. Pacific Coast Hwy. in Long Beach. The project is being developed by Carmel Partners.
The six-story project will transform an aging office complex and surface lot into a mixed-income community with approximately 5,400 square feet of ground-floor retail space. It is part of a major revitalization effort along the Pacific Coast Highway, which is seeing significant residential developments.
“Marina Shores brings together experienced sponsorship, strong market fundamentals, and an opportunity to deliver much-needed housing in Long Beach,” said Rebecca M. Cox, SVP and market manager, Truist National Real Estate.
Truist served as administrative agent and sole bookrunner on the $152-million development loan. The transaction was led by Jason Paxton, Mid-Atlantic market leader, with Walt Reece, a director on the Real Estate Syndicated Finance team at Truist Securities, leading syndication efforts.
Rendering courtesy of SCB.
