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Villa Portofino Developer Secures $21M Loan

PALM DESERT, CA-La Jolla-based Scripps Investments & Loans Inc. has provided the financing, which will fund construction of 46 units; a 30,000-sf clubhouse; fitness center; pool; and other common amenities in the upscale continuing care retirement community located here.

By Erin Cassin | Updated on August 28, 2003

PALM DESERT, CA-The developer of the upscale Villa Portofino continuing care retirement community here has secured $21 million in financing from La Jolla-based private lender Scripps Investments & Loans Inc.

The loan, which has been structured in the form of a promissory note secured by a first trust deed (plus additional collateral), will be used for the continuing development of the 73-acre Villa Portofino project. Specifically, the funds will finance the construction of 46 units here, as well as a 30,000-sf clubhouse; fitness center; pool; and other common amenities.

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