Irvine Mixed-Use Project Secures Financing

Madison Realty Capital and The Bluestone Group provide $30.5 million acquisition financing for a 6-acre mixed-use development site. The package includes $24.5 million first mortgage loan from MRC and an additional $6 million in preferred equity provided by The Bluestone Group for the balance of the loan.

Located at 18582 Teller Avenue in Irvine, the site is 6.25 acres. The unnamed borrower is planning a large-scale mixed-use development including a 991,466-square foot development project is expected to consist of a 242-key, 11-story hotel with expansive conference and amenity space, 16 condo units, a 154,990-square-foot commercial building with retail, office, and medical office uses, and an 896-space parking garage.

The borrower plans to will begin construction on an extensive mixed-use development this month.