Truist Finances $152M Construction Loan for Long Beach Apartment Project

Carmel Partners has secured a $152 million construction loan from Truist for Marina Shores, a 390-unit multifamily project at 6615 East Pacific Coast Highway in Long Beach, California. The Los Angeles-based developer is redeveloping a site that currently holds an aging office complex and surface parking. The six-story building will include roughly 5,400 square feet of ground-floor retail.

Construction began earlier this month, with completion expected around May 2029. The project is described as mixed-income and forms part of a wider wave of residential development along Pacific Coast Highway. Truist acted as administrative agent and sole bookrunner, with Jason Paxton overseeing the deal and Walt Reece leading syndication. The lender did not disclose the interest rate or maturity date.

For developers and lenders, the deal shows continued capital availability for large infill apartment projects in Long Beach when replacing older commercial sites.