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.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
