Affinius Secures $144M for SoCal Multifamily Construction

The developers behind a 408-unit multifamily project in Southern California have secured construction financing shortly after breaking ground earlier this month.

Affinius Capital closed a $144 million loan for the housing project called the Carina in Santa Ana, Calif., according to JLL Capital Markets, which represented the borrower. QuadReal provided the three-year, floating-rate loan.

The Carina is rising across nine levels at 2828 North Main Street, adjacent to the MainPlace mixed-use retail development, and it’s scheduled to be complete in October 2028. The complex will include studios and one- and two-bedroom apartments, and it will feature a resort-style swimming pool, an outdoor lounge and kitchen, a high-end fitness center, a yoga and spin studio, a game room and work offices.

Lowe is managing the development of the Carina, and Greystar will be the property management team.

JLL’s Jamie Kline, Charlie Vorsheck, Nick Englhard and Charlie Paul arranged the financing.

“The successful arrangement of construction financing for The Carina demonstrates continued confidence in the Orange County multifamily market,” Kline said in a statement.

The Carina joins other large multifamily projects underway in Orange County, particularly in Santa Ana. Most notably, Related California is working on a $3 billion development that will add an incredible 3,750 units, along with 250 hotel rooms, 200 senior care units and up to 350,000 square feet of commercial space.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.