JLL Lines Up $144M Construction Loan for Santa Ana Multifamily
JLL Capital Markets recently arranged a $144-million construction loan for The Carina, a 408-unit multifamily development project in Santa Ana. Senior director Jamie Kline, director Charlie Vorsheck, senior analyst Nick Englhard and analyst Charlie Paul, Affinius Capital, in securing the three-year, floating-rate loan through QuadReal.
The Carina, located at 2828 N. Main St. in Santa Ana, is positioned adjacent to MainPlace, a prominent mixed-use retail, dining and entertainment destination. The property offers ready access to Interstate 5, State Road 55 and State Road 22, providing residents with connectivity to Northern and Southern Orange County, Los Angeles, San Diego and the Inland Empire.
National real estate company Lowe is managing the development of The Carina. Upon completion, The Carina will rise across nine levels with Type III construction over Type I podium, including one level of below-grade parking. The community will feature a mix of studios, one- and two-bedroom apartments.
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Other News
Roxborough Makes Second NorCal Apartment Buy Through Latest Fund
The Roxborough Group, LLC has acquired Bidwell Park, a 246-unit apartment community in Fremont, for $109.4 million. The 95% occupied property at 39800 Fremont Blvd. represents Roxborough’s second multifamily acquisition in Northern California within Roxborough Fund III, L.P., a $518-million discretionary fund focused on opportunistic and value-add investments. “The acquisition of Bidwell Park aligns with...
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National Inflation Averages Hide Local CRE Opportunities, Marcus & Millichap Says
Higher-than-expected September inflation has been driving the CRE narrative of increased cost of capital, along with rising operating and construction expenses. The consumer price index rose 3.7% year-over-year in September, according to the U.S. Bureau of Labor Statistics, while the producer price index for final demand climbed 6.3% A recent Marcus & Millichap video said...
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University of Idaho Opens 451-Bed Student Housing Property
Gilbane and Rocky Mountain Companies, along with University of Idaho, celebrated the ribbon cutting of Vandal Village, a graduate and family housing complex on U of I’s Moscow campus. Located at 1010 Deakin Ave, the 200,000-square-foot complex encompasses 240 units, offering two- to four-bedroom plans. Designed to meet a range of housing needs, the development...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout