News

Beach-Side Mixed Use Project Refinanced

HUNTINGTON BEACH, CA—Landmark Capital has arranged a $16-million bridge loan for the Shopoff project which will replace an industrial facility near the ocean.

Landmark Capital Advisors, a real estate capital advisory firm disciplined in structured finance and private equity, has completed a successful $16-million bridge loan transaction for a property here.The project will replace a large industrial facility with a mixed-use development featuring a visitor-serving resort with commercial and residential components.

Proceeds will be used to refinance a 29-acre site within close proximity to the Pacific Ocean and immediately inland from Pacific Coast Highway. The project will be designed to enhance the local community by replacing a large industrial facility with a mixed-use development featuring a visitor-serving resort with commercial and residential components.

Landmark Capital completed the complex transaction on behalf of Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments. Landmark secured the bridge loan from an institutional private investment firm, with the intent to acquire the former oil terminal and obtain entitlements. The Landmark Capital team representing the client was comprised of Adam Deermount, managing director, Steve Sims, managing director, and Tom Farrell, director of business development.

“The land parcel is in a phenomenal location with close proximity to the Pacific Ocean. Redevelopment of a site like this is a challenge on many fronts, but creates incredible opportunities, making it an ideal project for our unique team of value-add experts”, said William Shopoff, chief executive of Shopoff Realty Investments.

“We are excited to have executed this transaction on behalf of Shopoff Realty Investments. The scope of the entitlement process, the coastal permit requirement, and the former oil storage use, presented financing challenges, but the quality of the sponsor, the sophistication of the lender, and the uniqueness of the asset all contributed to a successful funding,” said David Kidder, president and managing director at Landmark Capital Advisors.

The team notes that a key aspect of completing this transaction was identifying a sophisticated lender who would fund on a former oil terminal and reliably execute under a tight timeframe.

Landmark Capital Advisors, a real estate capital advisory firm disciplined in finance and private equity, works with owners, investors, and developers of commercial and residential real estate.  Founded in 2011, the company raises real estate capital through institutional, private, and family office investors to finance a wide array of real estate projects.