Real estate developer from Irvine, California secures $60.9 million in financing for Magnolia Coast project construction

This week, Shopoff Realty Investments, a real estate development firm based in Irvine, California, announced the acquisition of a new $60.9 million mortgage, settling previous liabilities and funding the construction of the repeatedly postponed Magnolia Coast project in Huntington Beach at the end of this year.

The company acquired the 28.9-acre land between Magnolia Street and Banning Avenue in 2016 for $26.5 million. Subsequently, it spent several years managing permits, revising plans, and negotiating with local residents to build 250 homes, along with a hotel, stores, and commercial spaces.

William Shopoff, founder and CEO of Shopoff Realty Investments, described the loan as a crucial step toward making the Magnolia Coast project a reality. He stated: “With construction scheduled for late 2025, the project should boost the local workforce and growth in Huntington Beach.”

This ambitious project, approved by the Coastal Commission in July and authorized by the Huntington Beach City Council in September, includes more than 200 homes, a 215-room boutique hotel, and 19,000 square feet of retail and commercial space.

Executives predict that work could begin in the fourth quarter, thanks to a $60.9 million mortgage from Lionheart Real Estate Strategies II, a debt strategy managed by Lionheart Strategic Management, LLC, based in Manhattan.

The money replaces previous obligations held by the real estate firm and provides additional cash for the project to finally move forward.

Meanwhile, Andy Klein, managing director and co-head of investments at Lionheart Strategic Management, said his team was thrilled to support housing in what he called a “coastal submarket with very low supply” for working families.

Klein also said: “This transaction proves that Lionheart can quickly close large pre-development financings with institutional partners while navigating thorny zoning obstacles and complex reuse plans.”

Available foreclosures:

Irvine: 15 homes available

Huntington Beach: 12 homes available

By Elías DaSilva | June 5, 2025