BREA, CA—Construction has begun on a luxury apartment project to be called Pearl La Floresta, in the La Floresta planned community in North Orange County.
The five-story development is a joint-venture partnership between Houston-based developer/property manager Morgan and Mesirow Financial, arranged by Mark Erland of Holliday Fenoglio Fowler, (HFF). Construction financing is being provided by JPMorgan Chase. It is the latest project devleoped under Morgan's Pearl brand.
Situated on 2.9 acres at the northeastern corner of Imperial Highway and Valencia, Pearl La Floresta is centrally located within the 1,100-home master-planned community of La Floresta. The new Pearl will be adjacent to Regency Center's new development, Village at La Floresta, which is anchored by Whole Foods Market's first store in North Orange. Separately, Morgan is developing a premier mixed-use project with luxury apartments above a Whole Foods Market in Houston's vibrant Midtown neighborhood.
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