Bonanni Development Receives $100MM Construction Financing for 321-Unit Orange County Multifamily Project
Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $100,000,000 construction/perm loan to finance Cloud House, a Class A residential development in Stanton, CA.
Tom Kenny, Executive Vice President, and Alex Gregoire, Assistant Vice President, both in BWE’s Irvine, CA office, originated the loan through a correspondent life company on behalf of the borrower, Bonanni Development. Bonanni Development is one of Orange County’s top residential developers and a repeat client of BWE.
“At BWE, we pride ourselves on working with our partners to secure the best financing options, and Cloud House is an exceptional example of that commitment,” said Kenny. “Our team is excited to partner with our colleagues at Bonanni Development on this deal and continue our work together in California.”
Cloud House is a proposed five-story, 321-unit luxury apartment property with studio, one- and two-bedroom units. The residential building will wrap around a seven-story parking structure all on a 3.79-acre site. Amenities include a rooftop sky deck with a pool, spa and sky lounge with wraparound views. Additional amenities include a fitness center, outdoor community spaces, dog park and co-working space.
The property is located just north of the CA-22 near the intersection of Beach Boulevard and Lampson Avenue. It is part of the Beach Boulevard transformation in the Stanton neighborhood, which has been undergoing revitalization in recent years.
The loan includes a 13-year term with a 3-year construction period and 10-year permanent loan, with interest-only payments for the first eight years. The rate is fixed at 4.50 percent and was locked at loan application.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate.
BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. BWE provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.
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Cloud House Rendering