The property asset involved is a development site located at 21845 Magnolia Street in Huntington Beach. This site encompasses 28.9 acres and is part of the Magnolia Coast project, which will feature over 200 homes, a 50-unit affordable housing component, and a 215-key boutique hotel with retail space. A senior mortgage of $60.9 million has been secured to refinance existing debt and support future development efforts.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $60,900,000
• Address: 21845 Magnolia Street
• Market: Huntington Beach
• Lender: Andy Klein & Benjamin Eshiwani - Lionheart Strategic Management
• Landlord: William Shopoff - Shopoff Realty Investments
• Development Schedule: Late 2025
• Components: 200+ homes, 50-unit affordable housing component, 215-key boutique hotel with retail space

Key individuals in this transaction include William Shopoff of Shopoff Realty Investments, who serves as the landlord, and Andy Klein and Benjamin Eshiwani of Lionheart Strategic Management, who represent the lender in this deal. Their collaboration aims to advance the financing and development of this significant oceanfront project in Huntington Beach.