Carmel Partners Lands $152M Truist Loan for Long Beach Apartments

Carmel Partners has closed a $152 million construction loan from Truist to build Marina Shores, a 390-unit apartment project at 6615 E Pacific Coast Highway in Long Beach, Commercial Observer reported. Truist is acting as administrative agent and sole bookrunner on the loan.

Why it matters

This is new construction, not a refinance. The project replaces an aging office complex and surface parking lot on the site, a direct conversion of underused commercial land into housing in a submarket where the Los Angeles County coast has few large multifamily pipelines left. A $152 million bank-led construction loan is also a real-time read on how lenders are pricing large Southern California multifamily risk going into 2027, at a moment when many developers are still struggling to get construction debt closed at this size.

The numbers

Marina Shores will deliver 390 apartments plus about 5,400 square feet of ground-floor retail, according to Urbanize LA. Construction started in October 2026, and the project is targeted to open around May 2029, roughly a two and a half year build. Carmel Partners has not published a current breakdown of affordable versus market-rate units for this phase, and we are not repeating the 71- and 17-unit affordable figures that circulated in 2022 coverage of an earlier version of the project without a current-plan source to confirm them.

What’s next

Watch for a groundbreaking announcement or construction-progress update from Carmel Partners, and for whether the Long Beach Development Services Department issues public permit milestones as vertical construction advances. The $152 million loan size also puts Truist’s name on one of the larger Los Angeles County multifamily construction loans of the fourth quarter, a marker other lenders will watch when pricing competing deals. For more on what is moving in this market, see the Los Angeles hub.