Institutional Property Advisors (IPA), a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients, announced the $60.9 million refinancing of a 28.9-acre oceanfront redevelopment project located in Huntington Beach, California.
The project plan includes residential and hospitality development and was approved by the Huntington Beach City Council on September 17th, 2024. The residential development plan includes over 200 for-sale single-family detached and attached homes, and a 50-unit affordable housing community with 25 units to be rented to hotel workers employed on-site and nearby. The hospitality development plan includes a 215-room boutique hotel with 19,000 square feet of retail space. The project plan includes 2.8 acres of coastal conservation and 4.4 acres of public parks.
Mozer stated: “This deal presented significant challenges due to the complexity of the redevelopment plans and local zoning regulations. We analyzed the plans and the zoning regulations and structured the financing accordingly. We are eager to see the development come to life and witness the positive impact it will have on the city of Huntington Beach.”
The project is currently in predevelopment with construction slated to commence near the end of 2025.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
