Truist has closed a $152 million construction loan for Marina Shores, a planned 390-unit multifamily community in Long Beach. The project, located at 6615 E. Pacific Coast Highway, is being developed by Carmel Partners and is designed as a six-story residential property with ground-floor retail. The financing supports the conversion of an aging office complex and adjacent surface parking into new housing, adding mixed-income apartments along a prominent coastal corridor.
Marina Shores is planned to incorporate approximately 5,400 square feet of retail space at street level, bringing a neighborhood-serving component to the residential development. According to the parties involved, the project is part of a broader revitalization effort along Pacific Coast Highway, an area that is experiencing a wave of new residential construction. The redevelopment replaces an older office property with a contemporary multifamily community, aligning with the corridor’s ongoing transition toward more housing-focused uses.
Truist is acting as administrative agent and sole bookrunner on the $152 million development loan. The bank is coordinating the financing for the construction phase, with internal leadership overseeing both the origination and syndication processes. The transaction was led by Jason Paxton, Mid-Atlantic market leader, who directed the effort on behalf of Truist’s real estate banking platform.
Syndication responsibilities for the loan were handled by Truist Securities. Walt Reece, a director on the Real Estate Syndicated Finance team at Truist Securities, led the syndication process, which is expected to distribute portions of the financing to participating lenders while Truist maintains its role as administrative agent. The structure underscores the bank’s capacity to arrange and manage large-scale construction loans for multifamily projects.
Commenting on the financing, Rebecca M. Cox, SVP and Market Manager for Truist National Real Estate, said that Marina Shores combines experienced sponsorship, favorable local market fundamentals, and the opportunity to add needed housing in Long Beach. Her remarks highlight the project’s alignment with housing demand in the area and the bank’s strategy of backing residential developments in markets where fundamentals are viewed as supportive.
The project is also tied to the ongoing repositioning of older office assets in coastal markets, as the former office complex and surface parking make way for a mixed-income residential community with new retail space. A rendering of Marina Shores was provided courtesy of SCB, illustrating the planned transformation of the site within the evolving Pacific Coast Highway corridor.
