YORBA LINDA, CA—Los Angeles-based Karlin Real Estate has funded a $6.5-million bridge loan to developer ETCO Homes to finance the recapitalization of a 4.68-acre land parcel here for a planned 159-unit multifamily development called Lakeview. Multifamily properties are in short supply in this market, where only 15% of the housing is dedicated to rental units, according to Larry Grantham, managing director of real estate lending for Karlin.
Construction on Lakeview, which is located on the Southeast corner of Lakeview and Mariposa aves. adjacent to Yorba Linda Lakebed Park, is expected to begin later this year. GlobeSt.com was unable to reach ETCO prior to deadline to discuss the project.
“Housing in Yorba Linda is composed largely of single-family residences,” says Grantham. “With such limited supply of rental units and a high barrier to entry for new product, there is tremendous demand for a product like Lakeview, which will include both market-rate and affordable-housing rentals.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.