BWE Arranges $77M Construction Loan for Office Campus in Los Angeles
The city of Tustin has signed an exclusive negotiating agreement with AvalonBay and Abode Communities to develop the Legacy Village, a 19.4-acre mixed-use project with more than 1,200 apartments at Tustin Legacy, a 1,600-acre planned community and former Marine Corps facility in Tustin. A quarter of the apartments will be income-restricted affordable units for tenants making 30% to 80% of the area median income in Orange County. The remainder will be market-rate units.
The project, designed by OfficeUntitled, includes multiple buildings from three to five stories tall spread across three blocks. The buildings are connected by pedestrian spaces, elevated walkways and open spaces, including interior gardens that transition from semiprivate to public open spaces.
Tom Kenny, Josh Boehling and Alex Gregoire of BWE’s Irvine, Calif., office originated the financing on behalf of the borrower. The financing was arranged with a bank lender for an initial three-year term, with an optional extension.
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