SunCal Marblehead LLC Files Bankruptcy

Filing Chapter 11 will allow another lender to come in and fund the completion of several outstanding projects at Marblehead Coastal.

On Wednesday, November 12, SunCal Marblehead LLC filed Chapter 11 bankruptcy to acquire the funds to address various issues at the development, according to SunCal spokesperson Joe Aguirre. This action was prompted by the bankruptcy of SunCal’s sole lender Lehman Brothers in September. SunCal Properties is the property developer for Marblehead Coastal in San Clemente.

Filing Chapter 11 will allow another lender to come in and fund the completion of several outstanding projects at Marblehead Coastal. These include the completion of private streets, the Avenida Vista Hermosa Bridge and stormwater runoff control measures and security on the property. SunCal is looking for up to $75 million to fund Marblehead Coastal and some of its other projects. First the courts must approve a priming lien. Aguirre said he’s confident the funds will secure the future of this development.

Marblehead Coastal, in the charming, historic small town of San Clemente, is destined to become the last, most precious oceanfront community along this classic stretch of Southern California coastline. Spread over 248 acres on a private bluff overlooking the Pacific, Marblehead will consist of 313 beautiful villas and estate homes surrounded by sprawling parks, natural canyons, hiking trails, and rugged open spaces. Authentic architectural styles for both the private residences and public buildings, including Spanish, Italian, and Coastal Villa influences, will be predominate.

Also part of this master-planned community is a 51-acre commercial and retail development offering 650,000 square feet of space. A hotel is planned, along with restaurants, conference center and naturally landscaped event areas. An intimate village center will include high-end shops and restaurants, as well as a 14-screen movie theater and a bookstore, all clustered around courtyards and paseos.