REDLANDS, CA-California Real Estate Receiverships of Newport Beach has been appointed receiver for the Village at Redlands, a multifamily retirement community planned for 200 units. According to San Bernardino County records, 70 units are completed and occupied at the project, which is at 275 Northgate in Redlands, according to the project web site.
Taylor B. Grant, founding principal of California Real Estate Receiverships, reports that the project was developed by a consortium of local churches and planned for conventional and assisted living apartments to for seniors aged 55 and older. A subsidiary of Lennar Corp. called Rialto Capital Advisors is managing two portfolios of loans (one of which includes The village at Redlands) in structured transactions valued at $3.05 billion that Lennar purchased with the FDIC, Grant says. The FDIC has been very proactive in establishing relationships with experienced entities such as Rialto, Grant noted.
“As these new entities created by structured transactions proliferate, I believe receivers will be called upon increasingly as court-appointed officers,” he said. “In fact, Oak Tree Capital, of Los Angeles, in conjunction with Toll Brothers, a national publicly owned firm, and Colony Capital have also announced similar transactions.”
Situated east of downtown Redlands, the Village at Redlands is located on a 20.34-acre parcel on Wabash Avenue between Highland Avenue and Fifth Avenue, according to the project web site. The location is on the east side of the City of Redlands.
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