The program locked in the loan rate eight days from the time of the loan application, according to Andrew Mackay of Capri Capital, which originated the loan. Mackay says the loan has a 10-year term with a 30-year amortization.
Laurel Canyon Apartments was completed in 2001 and consists of 16 buildings plus a leasing/recreation building. The unit mix consists of 70 one-bedroom, one-bath units, 100 two-bedroom, two-bath units, and 31 three-bedroom, two-bath units. Unit sizes range from 710 sf to 1,270 sf.
The apartment complex is part of a new, 4,000-acre community called Ladera Ranch in South Orange County that is scheduled to include five residential villages and two mixed-use districts. The eventual build out of the community will involve 8,100 homes, commercial centers and office buildings. Approximately 970 homes are located in the first phase of which all of the homes have completed and are occupied. The Laurel Canyon complex is in the second phase of approximately 1,500 homes and apartments.
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