GRS | Corteq Provides Services on $52 Million Refinance of “Surf City Beach Cottages”
Historic Site in California’s World Renowned “Surf City”, Huntington Beach, Offers Pleasant and Affordable Beachside Living
GRS | Corteq provided assessment services for the recently refinanced Surf City Beach Cottages in famed Huntington Beach, CA.
In 1951, the 20-acre empty lot sat adjacent to the growing Huntington Beach downtown and directly across the street from what would become one of America’s most famous beaches. By 1953, the site was converted into a small trailer park that expanded to 20 acres and some 275 spaces. It became known as “Pacific Trailer Park” and was a popular with locals and tourists seeking to enjoy the easygoing beach lifestyle.
Today, Huntington Beach is known as “Surf City USA”—and it remains at the epicenter of surf culture. The City is home to the Surfers’ Hall of Fame, the International Surfing Museum and the world’s largest surfing competition—the US Open of Surfing. So it’s only fitting that when the park was purchased in June 2013, it was renamed “Surf City Beach Cottages.”
Now under Star Management, the park will continue to undergo improvements making it the ideal living and travel destination. As part of this effort, the property was recently refinanced and GRS | Corteq was engaged to provide assessment services on behalf of the lender. Services provided included Phase I Environmental Site Assessments (ESAs), Property Condition Assessments (PCAs) and Seismic Probably Maximum Loss assessments (PMLs).
GRS | Corteq director, Kevin May, spearheaded the services package.