Carmel Partners has obtained a $152 million construction loan from Truist to fund a 390-unit residential development in Long Beach, California, Commercial Observer reported. Truist announced the financing on Tuesday, acting as the administrative agent and sole bookrunner for the transaction.
The development firm, which is based in Los Angeles, is building the six-story project on a site previously occupied by an aging office complex and a surface parking lot. Located at 6615 East Pacific Coast Highway, the mixed-income project is called Marina Shores and forms part of a wider wave of residential construction taking place along the Pacific Coast Highway corridor.
What it changes for a closing
For closing teams working on large multifamily construction facilities, syndicated debt structures require close coordination between the administrative agent, the sole bookrunner, and syndicate participants. Because Truist arranged syndication for the $152 million commitment, agency desks and lender counsel must establish clear draw administration procedures, interest rate election mechanisms, and participant notice terms from the initial funding through project completion.
The delivery schedule extending to May 2029 also places emphasis on ongoing disbursement conditions and mixed-use requirements. Closing checklists for developments of this scope must incorporate controls for site work replacing existing commercial improvements, retail leasing covenants covering the 5,400 square feet of ground-floor space, and compliance reporting associated with mixed-income housing units.