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IRVINE, CA-Lennar Homes of California Inc. and LNR Property Corp. have secured $500 million in financing toward the development of Heritage Fields, the diversified real estate project that the companies will build on land the acquired earlier this year at the former El Toro Marine Corps air station. The developers secured the construction loan from an affiliate of New York-based Lehman Bros., which was represented by a team of attorneys from the law firm of Paul Hastings Janofsky & Walker LLP that was led by Los Angeles partner Philip Feder.In addition to Feder, who heads the law firm’s real estate department, the Paul Hastings attorneys included associates Alison Blum and Daniel Hick. The construction financing, at a variable rate that floats over LIBOR, is designed to provide funding for a term that will allow sales to third-party purchasers after the property entitlements, subdivision and public improvements are completed.Lennar Homes of California Inc. and LNR Property Corp. closed this summer on the $650 million purchase of four parcels at the 3,718-acre former El Toro Marine Corp. base. That transaction was brokered by Colliers Seeley International as the marketing agent for the US General Services Administration and the Department of the Navy in the disposition of the base property.The former military property is slated to be the site for 3,400 homes, 2.6 million sf of R&D space, two retail commercial centers, a college campus, the city’s first cemetery, a golf course and 1,375 acres of public land to be called the Great Park. Paul Hastings Janofsky & Walker LLP, founded in 1951, is an international law firm with 1,000 attorneys in 17 offices.

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