The financing, which was funded by Discovery Valley Bank and arranged by Gary Goss of Burnham Capital Markets, will be used to build Legacy's Gibraltar Townhomes development. Slated for completion in August 2003, the project will rise at 7500 Gibraltar St. in Carlsbad. At build-out, it will consist of four attached homes ranging in size from 2,600 sf to 3,100 sf and featuring panoramic views.

The Gibraltar Townhomes project is being built amidst a flurry of residential development and sales activity in San Diego County. According to a report published by the First American Real Estate Solutions, the region's housing market is "expected to maintain its strong and positive character" over the next 12 months. The report attributes the rising prices in the residential market to the region's dearth of housing supply and historically low interest rates, characteristics that are expected to buoy the market for months to come