Shopoff Secures Senior Loan for Magnolia Coast Project in Huntington Beach

Shopoff Realty Investments said Monday it received a $60.9-million senior mortgage for refinancing existing debt and providing additional funds for the future development activity on Magnolia Coast, formally known as “Magnolia Tank Farm,” in Huntington Beach. Lionheart Real Estate Credit Strategies II, Lionheart Strategic Management LLC’s current closed-end venture, provided the loan.

Magnolia Coast, a 28.9-acre ocean-front land parcel, is positioned for residential and hospitality development. Shopoff secured California Coastal Commission approval this past July. The project anticipates approximately 200-plus for-sale single-family detached and attached homes, a 50-unit affordable multifamily community, and a 215-key boutique hotel.

“This financing is a key step forward in bringing Magnolia Coast to life, marking a step forward in the development process of the project,” said Shopoff president and CEO William Shopoff. “With construction slated for late 2025, this project represents an important opportunity to support the local workforce while potentially contributing to the growth and vitality of Huntington Beach.”