YORBA LINDA, CA—Los Angeles-based Karlin RealEstate has funded a $6.5-million bridge loan to developerETCO Homes to finance the recapitalization of a4.68-acre land parcel here for a planned 159-unitmultifamily development calledLakeview. Multifamily properties are in shortsupply in this market, where only 15% of the housing is dedicatedto rental units, according to Larry Grantham,managing director of real estate lending forKarlin.

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Construction on Lakeview, which is located on the Southeastcorner of Lakeview and Mariposa aves. adjacent to YorbaLinda Lakebed Park, is expected to begin later this year.GlobeSt.com was unable to reach ETCO prior to deadline to discussthe project.

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“Housing in Yorba Linda is composed largely of single-familyresidences,” says Grantham. “With such limited supply of rentalunits and a high barrier to entry for new product, there istremendous demand for a product like Lakeview, which will includeboth market-rate and affordable-housingrentals.”

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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 Diegoon behalf of owner/user Soitec, a Grenoble,France-based manufacturer of semiconductor materials for theelectronic and energy industries. Karlin provided first-mortgagedebt to Soitec to recapitalize its 165,659-square-foot NorthAmerican headquarters and primary-assembly facility. The owneracquired the building from Sony in 2011 tomanufacture its Concentrix concentratorphotovoltaic modules, which supports utility-scale solar projectsthroughout California and globally.

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Soitec's building, located at 16650 ViaEspriullo on 14.8 acres in the Rancho BernardoIndustrial Park, was developed in 1989 by Sony and hadbeen used until its sale for the assembly of cathode-ray tubemonitors and Vio laptop computers.

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“The I-15 corridor is one of the most desirable commercialregions in San Diego,” says Grantham. “Soitec is an example of themany major employers based in the area.”

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As GlobeSt.com reported last week, recent findings byRadius, a San Francisco technology company that collectssmall business data in the US, revealed that San Diego is thenumber-one city for startup businesses in the nation. We chattedwith Star Hughes, a director at HughesMarino, to discover why.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.