US Bank Provides Equity for Charter School

SANTA ANA, CA-US Bank will provide $2.5 million of New Markets Tax Credit equity to help El Sol Science and Arts Academy here to construct a new dual-immersion charter-school building. One of the largest Spanish-speaking communities in Southern California, Santa Ana will continue to operate the school during construction, rotating classrooms during each phase of development until the new 12-classroom building is complete this fall.

ORANGE COUNTY, CA-Jeff Tomei of Knightsbridge Realty Capital Inc. has closed a $35-million loan to the refinance a 237-space mobile home park located here. The lender, a small regional bank, provided 75% LTV at 4% fixed for seven years on a 30-year term with 30-year amortization. The loan has a stepped-down prepayment for the first five years; then it’s open. The impetus behind the refinance, which required the existing loan to be defeased, was to take advantage of the low-interest-rate environment and pull cash out.