{"id":6648,"date":"2025-06-05T16:28:36","date_gmt":"2025-06-05T16:28:36","guid":{"rendered":"https:\/\/www.foreclosurelistings.com\/news\/?p=6648"},"modified":"2025-06-12T11:14:16","modified_gmt":"2025-06-12T11:14:16","slug":"real-estate-developer-from-irvine-california-secures-60-9-million-in-financing-for-magnolia-coast-project-construction","status":"publish","type":"post","link":"https:\/\/www.foreclosurelistings.com\/news\/foreclosure-market\/real-estate-developer-from-irvine-california-secures-60-9-million-in-financing-for-magnolia-coast-project-construction","title":{"rendered":"Real estate developer from Irvine, California secures $60.9 million in financing for Magnolia Coast project construction"},"content":{"rendered":"<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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: \u201cWith construction scheduled for late 2025, the project should boost the local workforce and growth in Huntington Beach.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The money replaces previous obligations held by the real estate firm and provides additional cash for the project to finally move forward.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 &#8220;coastal submarket with very low supply&#8221; for working families.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Klein also said: &#8220;This transaction proves that Lionheart can quickly close large pre-development financings with institutional partners while navigating thorny zoning obstacles and complex reuse plans.&#8221;<\/span><\/p>\n<p><b>Available foreclosures:<\/b><\/p>\n<p><span style=\"font-weight: 400\">Irvine: 15 homes available<\/span><\/p>\n<p><span style=\"font-weight: 400\">Huntington Beach: 12 homes available<\/span><\/p>\n<p style=\"text-align: right\"><br style=\"font-weight: 400\" \/>By El\u00edas DaSilva | June 5, 2025<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":6649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[207,1,151],"tags":[],"_links":{"self":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/6648"}],"collection":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/comments?post=6648"}],"version-history":[{"count":2,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/6648\/revisions"}],"predecessor-version":[{"id":6656,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/6648\/revisions\/6656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/media\/6649"}],"wp:attachment":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/media?parent=6648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/categories?post=6648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/tags?post=6648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}