Marcus & Millichap’s IPA Capital Markets Arranges $61M Redevelopment Financing in Huntington Beach
Marcus & Millichap's (NYSE:MMI) IPA Capital Markets division has secured a $60.9 million refinancing for a major oceanfront redevelopment project in Huntington Beach, California. The 28.9-acre project, approved by the City Council on September 17th, 2024, encompasses residential and hospitality developments.
The development plan includes over 200 for-sale homes, a 50-unit affordable housing community, and a 215-room boutique hotel with 19,000 square feet of retail space. The project also features 2.8 acres of coastal conservation and 4.4 acres of public parks. Construction is scheduled to begin in late 2025.
Gary Mozer, executive managing director with IPA Capital Markets, arranged the 18-month, non-recourse loan for a California-based investment and development firm. The deal required careful structuring due to complex redevelopment plans and local zoning regulations.
La divisione IPA Capital Markets di Marcus & Millichap (NYSE:MMI) ha ottenuto un rifinanziamento di 60,9 milioni di dollari per un importante progetto di riqualificazione fronte mare a Huntington Beach, California. Il progetto di 28,9 acri, approvato dal Consiglio Comunale il 17 settembre 2024, comprende sviluppi residenziali e di ospitalità.
Il piano di sviluppo include oltre 200 abitazioni in vendita, una comunità abitativa a prezzi accessibili di 50 unità e un hotel boutique di 215 camere con 19.000 piedi quadrati di spazio commerciale. Il progetto prevede anche 2,8 acri di conservazione costiera e 4,4 acri di parchi pubblici. I lavori di costruzione sono previsti per iniziare entro la fine del 2025.
Gary Mozer, direttore esecutivo di IPA Capital Markets, ha organizzato un prestito non ricorsivo di 18 mesi per una società di investimento e sviluppo con sede in California. L'affare ha richiesto una strutturazione attenta a causa dei complessi piani di riqualificazione e delle normative locali in materia di zonizzazione.
La división IPA Capital Markets de Marcus & Millichap (NYSE:MMI) ha asegurado un refinanciamiento de 60.9 millones de dólares para un importante proyecto de redevelopación frente al mar en Huntington Beach, California. El proyecto de 28.9 acres, aprobado por el Concejo Municipal el 17 de septiembre de 2024, abarca desarrollos residenciales y hoteleros.
El plan de desarrollo incluye más de 200 viviendas en venta, una comunidad de vivienda asequible de 50 unidades y un hotel boutique de 215 habitaciones con 19,000 pies cuadrados de espacio comercial. El proyecto también cuenta con 2.8 acres de conservación costera y 4.4 acres de parques públicos. La construcción está programada para comenzar a finales de 2025.
Gary Mozer, director ejecutivo de IPA Capital Markets, organizó el préstamo no recursivo de 18 meses para una firma de inversión y desarrollo con sede en California. El acuerdo requirió una estructuración cuidadosa debido a los complejos planes de redevelopación y a las regulaciones de zonificación locales.
마커스 & 밀리차프의 (NYSE:MMI) IPA 자본 시장 부문은 캘리포니아 헌팅턴 비치의 주요 해안 재개발 프로젝트를 위해 6090만 달러의 재융자를 확보했습니다. 28.9에이커 규모의 이 프로젝트는 2024년 9월 17일 시의회에서 승인되었으며, 주거 및 숙박 시설 개발을 포함합니다.
개발 계획에는 200채 이상의 판매용 주택, 50세대의 저소득 주택 커뮤니티, 그리고 19,000평방피트의 소매 공간을 갖춘 215실 부티크 호텔이 포함됩니다. 이 프로젝트는 또한 2.8에이커의 해안 보호 구역과 4.4에이커의 공원도 포함되어 있습니다. 건설은 2025년 말에 시작될 예정입니다.
IPA 자본 시장의 전무 이사인 Gary Mozer는 캘리포니아에 본사를 둔 투자 및 개발 회사에 대해 18개월 동안의 비상환 대출을 마련했습니다. 이 거래는 복잡한 재개발 계획과 지역 구역 규정으로 인해 신중한 구조가 필요했습니다.
La division IPA Capital Markets de Marcus & Millichap (NYSE:MMI) a sécurisé un refinancement de 60,9 millions de dollars pour un important projet de réaménagement en bord de mer à Huntington Beach, en Californie. Le projet de 28,9 acres, approuvé par le Conseil municipal le 17 septembre 2024, comprend des développements résidentiels et hôteliers.
Le plan de développement inclut plus de 200 maisons à vendre, une communauté de logements abordables de 50 unités et un hôtel boutique de 215 chambres avec 19 000 pieds carrés d'espace commercial. Le projet comprend également 2,8 acres de conservation côtière et 4,4 acres de parcs publics. La construction devrait commencer fin 2025.
Gary Mozer, directeur général d'IPA Capital Markets, a organisé le prêt non remboursable de 18 mois pour une société d'investissement et de développement basée en Californie. L'accord a nécessité une structuration minutieuse en raison des plans de réaménagement complexes et des réglementations de zonage locales.
Die IPA Capital Markets-Abteilung von Marcus & Millichap (NYSE:MMI) hat eine Refinanzierung in Höhe von 60,9 Millionen Dollar für ein großes Küstenneubauprojekt in Huntington Beach, Kalifornien, gesichert. Das 28,9 Hektar große Projekt wurde am 17. September 2024 vom Stadtrat genehmigt und umfasst Wohn- und Gastgewerbeentwicklungen.
Der Entwicklungsplan umfasst über 200 zum Verkauf stehende Wohnungen, eine 50-Einheiten-Gemeinschaft für erschwinglichen Wohnraum und ein 215-Zimmer-Boutique-Hotel mit 19.000 Quadratfuß Einzelhandelsfläche. Das Projekt umfasst auch 2,8 Hektar Küstenschutz und 4,4 Hektar öffentliche Parks. Der Baubeginn ist für Ende 2025 geplant.
Gary Mozer, geschäftsführender Direktor von IPA Capital Markets, arrangierte das 18-monatige, nicht rückzahlbare Darlehen für ein kalifornisches Investitions- und Entwicklungsunternehmen. Der Deal erforderte eine sorgfältige Strukturierung aufgrund komplexer Neubaupläne und lokaler Zonierungsvorschriften.
- Secured $60.9M refinancing for large-scale oceanfront development
- Project includes revenue-generating mix of residential and hotel properties
- Obtained city council approval for development plans
- Non-recourse loan structure reduces company risk
- Complex zoning regulations could impact development timeline
- Extended construction timeline with start date in late 2025
- Significant project complexity may increase development risks
Insights
Marcus & Millichap's IPA Capital Markets division has secured a
The financing involves an 18-month, non-recourse loan for a major mixed-use development spanning 28.9 acres. The project's scope is impressive - combining over 200 for-sale residential units, a 50-unit affordable housing component, and a 215-room boutique hotel with 19,000 square feet of retail space.
What stands out about this transaction is the complexity factor. The deal required navigating intricate zoning regulations and development constraints for an oceanfront property - typically among the most regulated real estate in California. The non-recourse structure provides significant protection for the developer, limiting their liability to the project assets.
For Marcus & Millichap, this transaction demonstrates their capital markets division's capabilities in structuring sophisticated financing for high-value mixed-use developments. It reinforces their position in the commercial real estate services space beyond their traditional investment sales focus.
While this single transaction won't dramatically move the needle for a company with
This financing arrangement signals a significant commitment to coastal mixed-use development at a time when many such projects face heightened scrutiny. The
The project design merits particular attention for its balanced approach: dedicating 2.8 acres to coastal conservation and 4.4 acres to public parks while still accommodating substantial development. This thoughtful integration of public space and environmental conservation likely contributed to securing municipal approval in an area known for development restrictions.
The affordable housing component is particularly noteworthy. The inclusion of 25 units specifically designated for hotel workers addresses the critical housing-employment gap often overlooked in luxury coastal developments. This workforce housing element likely strengthened the project's approval prospects and demonstrates a practical approach to addressing local housing challenges.
From Marcus & Millichap's perspective, orchestrating this financing package showcases their specialized expertise in navigating both complex regulatory environments and capital markets. Their ability to secure non-recourse financing for a project still in predevelopment stage demonstrates confidence in both the developer and the project's viability.
This transaction positions Marcus & Millichap as more than just a transactional broker but as a sophisticated financial arranger capable of facilitating transformative urban development projects.
Gary Mozer, executive managing director with IPA Capital Markets, secured an 18-month, non-recourse loan on behalf of a
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.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout
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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
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