February 15, 2025 - 06:18
Shopoff Realty Investments has announced the acquisition of a significant $60.9 million senior mortgage from Lionheart Strategic Management, LLC. This funding is set to facilitate the refinancing of existing debt and kickstart construction on the highly anticipated Magnolia Coast project. The firm originally acquired the Magnolia Tank Farm in 2016, and this new financial backing marks a pivotal step in the development process.
The Magnolia Coast project is poised to transform the site into a vibrant community, with plans for residential, commercial, and recreational spaces that cater to a diverse range of residents and visitors. The investment reflects a growing confidence in the real estate market, particularly in Irvine, which continues to attract interest from developers and investors alike.
With construction slated to begin this year, the project aims to contribute significantly to the local economy by creating jobs and enhancing the community's infrastructure. Shopoff Realty Investments is optimistic about the project’s potential impact on the region's growth and development.
