The multifamily market in Southern California continues to grow in the face of financing headwinds.
Residential builder Bonanni Development has secured a $100 million loan for its 321-unit luxury apartment project called Cloud House in Orange County.
SEE ALSO: Retail-to-Resi Plans Secure Loan in Los Angeles
Property records show Guardian Life Insurance Company of America provided the loan, which features a 13-year term covering the three-year construction period, plus a 10-year permanent loan with interest-only payments for the first eight years. The rate is fixed at 4.5 percent.
Bellwether Enterprise Real Estate Capital announced the financing and facilitated the loan but did not disclose the name of the lender. Guardian Life Insurance did not immediately respond to a request for comment.
The proposed five-story Cloud House project will rise over 3.8 acres at 12331-12435 Beach Boulevard in Stanton, Calif., with studio, one-bedroom and two-bedroom units. It will also feature a seven-story parking structure, a sky deck with a pool and spa, a fitness center, a dog park and co-working space.
Bellwether’s Tom Kenny and Alex Gregoire in the brokerage’s Irvine office originated the loan.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
