LONG BEACH, CALIF. — Truist has provided a $152 million construction loan to Carmel Partners for Marina Shores, a 390-unit mixed-income development underway at 6615 E. Pacific Coast Highway in Long Beach. The San Francisco-based investment and development firm is leading the six-story project, with completion slated for May 2029.
The development will replace two older office buildings and surface parking with apartments and 5,351 square feet of ground-floor retail space. A third existing office building on the property will remain. Plans also call for 576 parking spaces, 196 bicycle parking spaces and approximately 45,100 square feet of public and private open space.
The unit mix will include studios and one-, two- and three-bedroom apartments. Seventeen units will be reserved for very low-income households for a minimum of 55 years. The affordable component qualified the project for a density bonus under California law, allowing Carmel Partners to increase the development from a base density of 325 units to 390 units.
Amenities will include a fitness center, clubroom, pool deck and outdoor courtyards. Approximately 24,500 square feet of the project’s open space will be publicly accessible.
The development is located at Pacific Coast Highway and Studebaker Road within Long Beach’s Southeast Area Specific Plan. The project is among several large residential developments planned or underway along this section of the Pacific Coast Highway corridor.