(Read more on the debt and equity markets andthe multifamilymarket .)
LOS ANGELES-The Los Angeles-based Borman Group has landed a$19.6 million construction loan from a San Francisco-based bank tofinance the 39-unit Barn Lofts condominium project, according toHighland Realty Capital. Highland reports that the loan willprovide 75% loan-to-cost financing for the project, which willconvert a former sugar warehouse at 940 E. Second St. intolive/work lofts.
Mike Guterman, a Highland principal, points out that obtainingconstruction financing for attached residential projects "has beenvery difficult over the past few months." However, Guterman says,Highland was able to get the San Francisco-based bank "comfortablewith the pricing of other projects in the market and their relativeexposure on a price per square foot basis."
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