YORBA LINDA, CA—Los Angeles-based Karlin Real Estate has funded a $6.5-million bridge loan to developer ETCO Homes to finance the recapitalization of a 4.68-acre land parcel here for a planned 159-unit multifamily development called Lakeview. Multifamily properties are in short supply in this market, where only 15% of the housing is dedicated to rental units, according to Larry Grantham, managing director of real estate lending for Karlin.
Construction on Lakeview, which is located on the Southeast corner of Lakeview and Mariposa aves. adjacent to Yorba Linda Lakebed Park, is expected to begin later this year. GlobeSt.com was unable to reach ETCO prior to deadline to discuss the project.
“Housing in Yorba Linda is composed largely of single-family residences,” says Grantham. “With such limited supply of rental units and a high barrier to entry for new product, there is tremendous demand for a product like Lakeview, which will include both market-rate and affordable-housing rentals.”
Karlin also recently funded another Southern California loan, this one an undisclosed amount (although more than $6.5 million) for a clean-tech industrial facility in San Diego on behalf of owner/user Soitec, a Grenoble, France-based manufacturer of semiconductor materials for the electronic and energy industries. Karlin provided first-mortgage debt to Soitec to recapitalize its 165,659-square-foot North American headquarters and primary-assembly facility. The owner acquired the building from Sony in 2011 to manufacture its Concentrix concentrator photovoltaic modules, which supports utility-scale solar projects throughout California and globally.
Soitec’s building, located at 16650 Via Espriullo on 14.8 acres in the Rancho Bernardo Industrial Park, was developed in 1989 by Sony and had been used until its sale for the assembly of cathode-ray tube monitors and Vio laptop computers.
“The I-15 corridor is one of the most desirable commercial regions in San Diego,” says Grantham. “Soitec is an example of the many major employers based in the area.”
As GlobeSt.com reported last week, recent findings by Radius, a San Francisco technology company that collects small business data in the US, revealed that San Diego is the number-one city for startup businesses in the nation. We chatted with Star Hughes, a director at Hughes Marino, to discover why.