The multifamily market in Southern California continues to develop within the face of financing headwinds.
Residential builder Bonanni Growth has secured a $100 million mortgage for its 321-unit luxurious condominium mission known as Cloud Home in Orange County.
Property information present Guardian Life Insurance coverage Firm of America supplied the mortgage, which encompasses a 13-year time period masking the three-year development interval, plus a 10-year everlasting mortgage with interest-only funds for the primary eight years. The speed is mounted at 4.5 %.
Bellwether Enterprise Actual Property Capital introduced the financing and facilitated the mortgage however didn’t disclose the identify of the lender. Guardian Life Insurance coverage didn’t instantly reply to a request for remark.
The proposed five-story Cloud Home mission will rise over 3.8 acres at 12331-12435 Seaside Boulevard in Stanton, Calif., with studio, one-bedroom and two-bedroom items. It’s going to additionally characteristic a seven-story parking construction, a sky deck with a pool and spa, a health middle, a canine park and co-working area.
Bellwether’s Tom Kenny and Alex Gregoire within the brokerage’s Irvine workplace originated the mortgage.
Gregory Cornfield could be reached at firstname.lastname@example.org.