Truist has announced $152 million in construction financing for a mixed-use complex now rising in southeast Long Beach.

The Marina Shores project, which is being developed by San Francisco-based Carmel Partners, replaces an office building at 6615 E. Pacific Coast Highway. Plans call for a six-story development featuring 390 apartments and approximately 5,400 square feet of ground-floor commercial space.

Corner retail at PCH and StudebakerAO

Approved plans rely on density bonus incentives to permit a larger development than otherwise allowed by zoning rules. In exchange, Carmel Partners would be required to set aside 17 of the one-, two-, and three-bedroom apartments as affordable housing at the very low-income level.

At the time of the project's approval in 2023, AO was designing the complex and Urban Arena is serving as landscape architect.

View looking northeast from PCHAO

Construction commenced this month, and is on track to be completed in May 2029.

Truist served as administrative agent and sole bookrunner on the construction loan. The transaction was led by Truist's Jason Paxton, while Walt Reece led syndication.

6616 E Pacific Coast HighwayGoogle Maps

The project of the third of three large mixed-use developments that will bring more than 1,000 apartments to this stretch of Pacific Coast Highway in Long Beach, following new developments from Onni Group and Holland Partner Group across the street.

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