WRFCO arranges $48 Million Financing of Luxury Home Builder

Western Realty Finance is happy to announce we have closed a $48 million residential financing in the Palm Springs area for a luxury developer.

Palm Springs Ca. – WRF arranged a $48 million development and construction loan for initial phases of a luxury development of multi-million detached homes. The residential construction debt was sourced from a private debt fund which provided 80% LTC. The financing was structured for phasing via the innovative multi-loan features, and payoff of the prior development equity financing and work in progress at time of funding. No additional cash equity contribution from borrowers was required. The project is in a favorable market with strong demand for luxury housing.

The new community will deliver a heightened level of luxury and personalized service to the Coachella Valley, including two branded luxury and lifestyle hotels and 84 turn-key single-family detached and paired homes. This development will mark the first new luxury hotel product since the 1960’s in the Coachella Valley, a region where the average age of a luxury hotel is 58 years. The project is set to become the first five-star community in the Valley, offering a level of service and product that currently doesn’t exist. Plus, buyers are able place their homes into the resort’s rental pool.

For information on financing sources for residential development and construction please call Jim Carenza at 760.519.6189 / jim@wrfco.com or David Van Waldick at 760.672.0145 / dave@wrfco.com. (Ca. BRE#10165844)