Regions West | Orange County
Sept 22, 2008
A motel in Santa Ana, Calif., is about to get a major makeover, now that a first mortgage construction loan valued at $13.5 million has closed for the project. The 207-room California Palms will be transformed into a 189-residence apartment community at the hands of owner Advanced Real Estate Services Inc. The Lake Forest, Calif.-headquartered company, one of the leading Orange County-based apartment owners, relied on NorthMarq Capital Inc. to orchestrate the financing, which was based on a three-year interest only term. NorthMarq arranged the financing through its relationship with City National Bank.
A motel in Santa Ana, Calif., is about to get a major makeover, now that a first mortgage construction loan valued at $13.5 million has closed for the project. The 207-room California Palms will be transformed into a 189-residence apartment community at the hands of owner Advanced Real Estate Services Inc. The Lake Forest, Calif.-headquartered company, one of the leading Orange County-based apartment owners, relied on NorthMarq Capital Inc. to orchestrate the financing, which was based on a three-year interest only term. NorthMarq arranged the financing through its relationship with City National Bank.
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