Developer Epstein Slates 544-Unit, $165M Project

MARINA DEL REY-Developer Jerry Epstein has slated a groundbreaking later this month for a new 544-unit apartment complex here called Shores that will replace a 202-unit complex that Epstein built in the 1960s as one of the first developers in Marina del Rey. Financing for the project financing closed in early March, and Epstein’s staff has been working on site preparation, demolition and grading since.

Construction of Shores is expected to create 950 construction jobs and generate $170 million of economic activity in Los Angeles County, according to an announcement by Red Mortgage Capital LLC, the mortgage banking arm of Red Capital Group, which is providing $125 million of non-recourse construction and permanent financing with a 42-year term to Shores. The loan represents the largest FHA Section 221(d)(4) unsubsidized loan ever insured by HUD, Red Mortgage notes in the announcement.