IE Business Daily Business news for the Inland Empire.
An east coast firm that arranges financing for multifamily projects has secured a $160 million loan for the first phase of a master planned community in Rancho Mirage.
Walker & Dunlop Inc, in Bethesda, Md., were exclusive advisors to the borrower, EC Rancho Mirage Holdings Limited Partnership and its affiliates, according to a statement.
Intervest Capital Partners and Builders Capital provided the capital, which will pay for construction.
The loan has a $27 million re-advance component – the ability to re-borrow funds against the principal portion of a mortgage that has been paid down – bringing the total value of the loans to $187 million.
Cotino, a Storyliving by Disney Community, is expected to contain approximately 1,900 residential units, a 24-acre lagoon, private club, a town center and other amenities.
Prices will range from $1 million to just over $2 million. A construction timeline and opening date have not been announced. The project’s sales office is at 10 Danube Drive Rancho MIrage.
