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The Carlton Group has closed an $80 million construction loan for 1 Newport, a 66-unit condominium development in Newport Beach, at 4311 – 4321 Jamboree Road, according to a press release Monday. Ground on the residential mid-rise — which is part of the Uptown Newport master development — is expected to break in the first quarter of 2021, and the condos are expected to sell for $1,150 per square foot. Unit sizes were not disclosed.
“This development is one of the few remaining opportunities to provide new housing product within one of the nation’s most exclusive addresses,” a spokesperson in an email told What Now Los Angeles. The site is located directly across from the University of California at Irvine (UCI) back bay reserve.
“This project proves that there’s always a strong market for high-quality residential product in top locations like Newport Beach,” Steven Fenster, the managing director who led Carlton’s efforts, said in the release.
USAI — the Sponsor — is a family investment holding company that “spent a number of years getting the site fully entitled,” the spokesperson said. USAI is active in the investment, development, and management of commercial real estate in the continental USA and Maui, Hawaii. Over the past 40 years, USAI has developed commercial and multifamily real estate projects in over 24 cities in the United States with completed market value of well over $1 billion.