Carmel Partners lands $152M construction loan for Long Beach resi, retail project
Carmel Partners landed more than $150 million in construction financing for a large multifamily development in Long Beach. Truist provided Carmel with $152 million in construction financing for Marina Shores, a 390-unit project at 6615 East Pacific Coast Highway, Commercial Observer reported. Los Angeles-based Carmel is in the process of replacing an office complex and surface parking lot at the site with a six-story multifamily project boasting nearly 400 residences. In addition to the housing, Marina Shores will also feature roughly 5,400 square feet of ground-floor retail space. Carmel Partners began construction work on the project earlier this month and […]This article originally appeared on The Real Deal. Click here to read the full story.
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