Carmel Partners Secures $152M Truist Loan for 390-Unit Marina Shores Project in Long Beach

• Carmel Partners secured $152 million in construction financing from Truist for Marina Shores, a 390-unit mixed-use development at 6615 E. Pacific Coast Highway, Long Beach, California.
• The six-story project will replace an aging office complex and parking areas with apartments and approximately 5,400 square feet of ground-floor retail.
• 17 apartments will be reserved for very low-income households, qualifying the project for California density bonus incentives.
• Construction began in October 2026, with completion expected around May 2029, adding to a wave of residential development along Pacific Coast Highway.

What Carmel Partners Is Building at Marina Shores

San Francisco-based Carmel Partners has started construction on Marina Shores, a 390-unit apartment development in southeast Long Beach. The six-story project will replace two existing office buildings and associated surface parking at 6615, 6621, and 6695 E. Pacific Coast Highway. The approved plan includes approximately 5,351 square feet of retail space, 576 vehicle parking spaces, 196 bicycle parking spaces, and more than 45,000 square feet of public and private open space. The design by AO also includes landscaped courtyards and outdoor resident amenities. The project will introduce a larger residential component to a corridor where older commercial properties are being redeveloped to meet housing demand.

 

 

What the $152 Million Truist Loan Covers

Truist provided $152 million in construction financing, serving as administrative agent and sole bookrunner. Jason Paxton led the transaction, while Walt Reece led syndication through Truist Securities.

Rebecca Cox, a senior vice president and market manager at Truist National Real Estate, said, “Marina Shores brings together experienced sponsorship, strong market fundamentals, and an opportunity to deliver much-needed housing in Long Beach.”

The loan's interest rate and maturity date were not disclosed. The $152 million represents construction financing, not necessarily the project's total development cost or its eventual market value. For real estate investors, the financing demonstrates that major lenders continue to support sizable multifamily projects with established development sponsors. The ultimate investment performance will depend on construction costs, lease-up, operating expenses, and apartment demand when the property opens.

What the Affordable Housing Requirement Means

Of the 390 apartments, 17 will be affordable to very low-income households. Under California's density bonus framework, qualifying projects can receive additional development capacity and certain zoning concessions in exchange for providing affordable housing. Long Beach approved the project in 2023, with the affordable units required to remain income-restricted for at least 55 years. The remaining apartments will serve the broader rental market, although final rents and unit mix have not been disclosed in the latest financing announcement. For landlords and developers, Marina Shores illustrates how density bonus incentives can help projects achieve higher unit counts while meeting local housing requirements.

What Marina Shores Means for Long Beach’s PCH Corridor

Marina Shores is the third major mixed-use residential development planned along this stretch of Pacific Coast Highway, following projects from Onni Group and Holland Partner Group across the corridor. Together, the developments are expected to bring more than 1,000 apartments to the area. The concentration of new housing could increase local population density and support nearby retailers and services. It will also add competition among rental properties as the projects deliver over the next several years. For Carmel Partners, the key challenge now is execution: completing a large coastal-area development on schedule while managing financing costs and preparing the apartments for lease-up.

What Comes Next for Marina Shores

With construction underway, the current target is May 2029 completion. The next milestones will include vertical construction, delivery of the residential and retail spaces, and eventual apartment leasing. Truist's financing gives Carmel Partners capital to advance the project, while the redevelopment adds new housing to an established commercial corridor.