Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has secured a $50.5 million construction loan from RMWC for its Parkhouse Residences at Uptown Newport project, located in Newport Beach, California.
The 30-unit condominium project, located at 4239 Uptown Newport Drive, will include five, five-story buildings with a combination of three-bedroom, half-floor flats, and two-story penthouses priced from approximately $1.9 million.
“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,” said William Shopoff, president and chief executive officer.
“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,” he added.
Site development will begin later this month and construction is slated to be completed in Fall or Winter 2022.
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 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).