HUNTINGTON BEACH, Calif., March 07, 2025--(BUSINESS WIRE)--IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI) specializing in capital markets services for major private and institutional clients, announced today the $60.9 million refinancing of a 28.9-acre oceanfront redevelopment project located in Huntington Beach, California.

Gary Mozer, executive managing director with IPA Capital Markets, secured an 18-month, non-recourse loan on behalf of a California-based investment and development firm.

The project plan includes residential and hospitality development and was approved by the Huntington Beach City Council on September 17^th, 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 the United States and Canada. Marcus & Millichap closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.

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Contacts

Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com