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On Monday, Shopoff Realty Investments announced that it had received a $60.9-million senior mortgage to refinance existing debt and provide additional funds for future development on Magnolia Coast in Huntington Beach, formerly known as “Magnolia Tank Farm.” The loan was provided by Lionheart Real Estate Credit Strategies II, a closed-end venture managed by Lionheart Strategic Management LLC.
Magnolia Coast is a 28.9-acre ocean-front land parcel that has been approved for residential and hospitality development by the California Coastal Commission this past July. The project plans to include over 200 single-family detached and attached homes for sale, along with a 50-unit affordable multifamily community and a boutique hotel with 215 rooms.
According to William Shopoff, president and CEO of Shopoff Realty Investments: “This financing is an important step towards bringing Magnolia Coast to fruition as we move forward in the development process of this project. With construction set to begin in late 2025, this project presents an exciting opportunity not only for our company but also for the local workforce while potentially contributing to the growth and vitality of Huntington Beach.”
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