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PALM DESERT, CA-Cornerstone Developers has secured $2.5 million in equity financing for the acquisition of 238 acres bought from Dallas-based American Realty Trust, according to Biltmore Communities Inc.

Ron Saienni, president of Biltmore, says the financing was provided by Albor Properties of Santa Monica. Biltmore, a real estate financial services firm based in Coto de Caza, took over four parcels at the northwest corner of Frank Sinatra Boulevard and Cook Street in the Desert Wells development. The site is adjacent to the campus of California State University, Palm Desert.

Michael Marix, president of Cornerstone, says the entitlement process is scheduled for completion later this year. Cornerstone plans to sell individual parcels to builders and developers.

Cornerstone, established in 1989, has developed projects throughout the Coachella Valley, including the Masters Series in Cathedral City, as well as La Quinta del Oro and the Esplanade, both in La Quinta.

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