Shopoff Realty Investments Secures $50.5 Million Construction Loan for New Boutique Luxury Condominium Project in Newport Beach
Irvine, Calif. – May 14, 2021 – Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has secured a $50.5 million construction loan from RMWC for its Parkhouse Residences at Uptown Newport project, located at 4239 Uptown Newport Drive in the City of Newport Beach, California.
“The Uptown Newport master development has seen great activity over the past year through phase one of development, including the completion of our joint-venture apartment project with Picerne Group, One Uptown Newport Apartments, as well as the public park,” explained Shopoff Realty Investments President and Chief Executive Officer William Shopoff. “As the next project in phase one, Parkhouse Residences will offer a much needed for-sale option for this transforming neighborhood of Newport Beach’s airport area, with a unique product type designed to provide the lock and leave benefits of a condo, with the luxury and privacy of a single family home.”
Curt Riggs, Managing Director of RMWC, added “RMWC values the opportunity to originate a senior-secured construction loan for the Parkhouse Residences at Uptown Newport project. We are excited to be a part of Shopoff’s vision for a reimagined landscape of Newport Beach’s uptown neighborhood delivering thoughtfully curated luxury residences to an undersupplied market.”
The 30-unit boutique luxury condominium project will feature five, five-story buildings with a combination of three-bedroom, half-floor flats and two-story penthouses priced from approximately $1.9 million.
With construction financing now secured, site development will commence later this month with construction anticipated to be completed in Fall or Winter 2022.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
About RMWC
RMWC provides mortgages, mezzanine, and preferred equity capital to experienced commercial real estate owners and developers nationwide to meet their capital needs. Focusing on collaboration, clarity, and execution, RMWC seeks to build long-standing relationships with borrowers, brokers and investors. RMWC is an SEC Registered Investment Adviser with offices in New York, San Francisco, Atlanta, and Northern Virginia. For more information visit www.rmwc.com.
Disclosures
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
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