HUNTINGTON BEACH, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $60.9 million in financing for a 28.9-acre redevelopment project in Huntington Beach. Gary Mozer of IPA secured the 18-month, nonrecourse loan on behalf of an undisclosed California-based investment and development firm.
The borrower plans to develop a residential and hospitality property, which was approved by the Huntington Beach City Council, on the site. The property will feature a 50-unit affordable housing community, with 25 units to be rented to hotel workers employed onsite and nearby. The site will also offer 200 for-sale, single-family detached and attached homes; a 215-room boutique hotel; 19,000 square feet of retail space; and 2.8 acres of coastal conservation and 4.4 acres of public parks. The project is currently in predevelopment with construction slated to commence near the end of the year.