IRVINE, CA-FivePoint Communities, which plans to develop the Great Park Neighborhoods housing project, will secure $400-million loan from State Street Bank & Trust Co. The Great Park development called Heritage Fields is a 5,000-home master-planned community in the El Toro military base, Irvine.
State Street acquired a $775 million mortgage on the Great Park Neighborhood for $153 million from bankruptcy-hit Lehman Bros. in December 2010. Emile Haddad, CEO of FivePoint, said that construction of Heritage Fields would start in 2012. For the full story, go to Orange County Register.
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