Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets and the multifamily market .)

IRVINE, CA-A joint venture of Miami-based Lennar Corp. and Canada’s Intergulf Development Corp. has landed $171 million in financing to develop the 240-unit Astoria condominiums as part of the Central Park West project, according to CBRE Melody. Craig Mueller of the Newport Beach office of CBRE Melody, which is the capital markets division of CBRE, tells GlobeSt.com that the $171 million includes a construction and mezzanine loan for the Astoria, a class A luxury development of two 14-story towers and a 574-space parking structure under way at the Central park West site.

Mueller and Anita Brown, also of CBRE Melody’s Newport Beach office, arranged the financing for the project, with ING Real Estate Financing providing the funds. The Astoria condominium project is part of a Central Park West master plan that calls for 1,380 housing units and other development on a 42-acre site is at the northwest corner of Jamboree Road and Michelson Drive, near the San Diego Freeway.

The developers describe the Astoria towers as a mix of units ranging from one to three bedrooms, including penthouses of two and three bedrooms, with living areas ranging from approximately 1,119 sf to 3,024 sf. The third floor of each of the two Astoria towers will feature a pool, a spa and a deck.

The Central Park West development that the Astoria towers are part of will feature several parks, landscaping, an 8,500-sf clubhouse, a resort style pool and cabanas and other amenities. In addition to its housing components, the Central Park West development also will include 19,700 sf of retail space and a four-story office building of up to 90,000 sf. The Lennar unit developing it is the company’s Orange Coast Land Division.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.