Core Development Group Secures $41 Million Construction Loan For Multifamily Project In Santa Ana

The asset involved in this context is a development site located at 2700 North Main Street in Santa Ana, featuring a total building square footage of 116,156 and covering 3.5 acres. Core Development Group secured a construction loan of $41 million to facilitate the conversion of the vacant office tower into a 158-unit multifamily project complemented by 7,750 square feet of ground-floor retail space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $41,000,000
• Loan Type: Construction
• Loan Terms: floating-rate, interest-only
• Landlord: Henry Cortes - Core Development Group
• Broker: Steven Paskover - Walker & Dunlop

This transaction highlights the involvement of Henry Cortes, representing Core Development Group, who is overseeing the conversion project, while Steven Paskover from Walker & Dunlop arranged the financing to support this initiative aimed at addressing housing supply through the repurposing of the long-idle property.