Shopoff Realty Investments Secures Major Financing for Coastal Development
Shopoff Realty Investments Secures Financing for Magnolia Coast
Shopoff Realty Investments, a prominent name in value-add and opportunistic real estate investments, recently announced a significant financial achievement. The firm successfully secured a senior mortgage worth $60.9 million, aimed at refinancing existing debts while also providing additional funds for future developmental activities on the Magnolia Coast project. This project, previously recognized as Magnolia Tank Farm, is set on a 28.9-acre oceanfront plot, making it an exciting opportunity for both residential and hospitality development.
Vision for Magnolia Coast Development
Envisioned to host a remarkable array of living options, Magnolia Coast aims to feature over 200 for-sale single-family homes, a 50-unit affordable multifamily community, and a boutique hotel with 215 keys, alongside 19,000 square feet of retail space. The project is strategically located to take advantage of the breathtaking coastal views, which are expected to attract a significant number of residents and visitors alike. With the California Coastal Commission's approval already secured, the foundation is set for a thriving community.
Impact on the Local Community
William Shopoff, President and CEO of Shopoff Realty Investments, expressed enthusiasm about this financing, stating, "This step is crucial in making the Magnolia Coast project a reality. It represents not just a development project but an opportunity to invigorate the local workforce. We are looking forward to commencing construction by late 2025, contributing positively to the growth of the Huntington Beach area." This sentiment resonates well with local stakeholders who are eager for new opportunities, especially in such an under-supplied housing market.
Partnership with Lionheart Strategic Management
Lionheart Strategic Management playing a pivotal role in this financing, aims to bolster the local housing market. Andy Klein, Managing Director at Lionheart, noted, "Finalizing the refinancing for Magnolia Tank Farm alongside Shopoff Realty Investments supports the essential residential development in a market that is desperately in need of more housing options. Our swift closure on sizeable predevelopment loan facilities with institutional partners further exemplifies our commitment to revitalizing urban spaces while tackling complex developmental hurdles."
Construction and Future Prospects
Construction on the impressive Magnolia Coast development is slated to begin in the fourth quarter of 2025. This undertaking will not only transform the southwest Huntington Beach neighborhood but will also feature a diverse range of housing options. A significant highlight of the project includes a commitment to allocate 50% of the affordable units specifically for hotel workers who will be employed on-site as well as for those working in the coastal vicinity. This move emphasizes a continued effort to foster a supportive living environment for local workers, ensuring they benefit from the development.
About Shopoff Realty Investments
Established in Irvine, California, Shopoff Realty Investments boasts an extensive 33-year history focused on generating value through strategic repositioning and development of commercial properties. As the company strives to remain at the forefront of real estate investment, it draws from a rich background that includes various affiliations under its belt, delivering results through careful planning and execution. As they continue to explore innovative development options, a transformative approach remains at the heart of their operations.
About Lionheart Strategic Management LLC
Founded in 2017, Lionheart Strategic Management LLC serves as an asset management platform dedicated to steering investments in top urban markets throughout the nation. The organization seeks to leverage its expertise in managing real estate strategies, providing valuable opportunities for individuals and third-party investors alike.
Contact Information
For further inquiries, please reach out to Jill Swartz at Spotlight Marketing Communications via the following contact information: 949.427.1389.
Frequently Asked Questions
What is the Magnolia Coast project?
The Magnolia Coast project is a proposed residential and hospitality development on a 28.9-acre oceanfront site, including homes and a boutique hotel.
What is the purpose of the $60.9 million financing?
This financing will refinance existing debts and provide funds for further development activities on the Magnolia Coast project.
When is construction expected to begin?
Construction for the Magnolia Coast project is anticipated to commence in late 2025.
What types of housing will be offered in this development?
The project plans to include over 200 single-family homes, an affordable multifamily community, and a boutique hotel.
How does the project support local workers?
A key feature of the project allocates 50% of affordable rental units for hotel workers, ensuring local employment is supported.
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