Shopoff secures $50.5 construction loan to build Newport Beach condos

Shopoff Realty Investments says the company has secured a $50.5 million construction loan from RMWC for a Newport Beach project

“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,” Shopoff president and CEO William Shopoff said in a May 14 statement.

“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.”

The 30-unit condominium project 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.

With construction financing now secured, site development will commence later this month with construction anticipated to be completed in Fall or Winter 2022.