ORIX USA’s Real Estate Capital Group announced the closing of a $17 million first mortgage construction loan that will be used to build a 49-unit, 4-story mixed-use multifamily project on the West Coast of the U.S.
Unit amenities will include central heat & A/C, washer & dryer, vinyl plank flooring with carpet in bedrooms, quartz countertops, and stainless appliances. In some units a breakfast bar, walk-in closets, en-suite bathrooms, and private balconies will be available. The community amenities will include a 4th floor roof terrace with BBQ and fire pits, ground level common space, secure bicycle storage, and a combination of tuck-under and surface parking.
“We are excited to close this loan in the San Diego area with such an exceptional Sponsorship Group. San Diego continues to maintain a strong supply and demand balance, with robust occupancy levels. This non-recourse construction loan highlights our ability to swiftly underwrite and close transactions, even in today’s ever-changing market environment,” said Adam Diamond, Managing Director and Originator for ORIX Real Estate Capital Group.
ORIX USA’s Real Estate Capital group is a proprietary commercial real estate lending business, delivering customized financing for a full range of property types in primary and secondary metropolitan markets in the U.S. and Canada. Loans made or arranged in California are pursuant to a California Financing Law license.
Since inception, the Real Estate Capital group has successfully invested over $4 billion of balance sheet capital. For over 20 years the Real Estate Capital group has been reliably financing commercial real estate through a range of market cycles.
The Real Estate Capital group is comprised of seasoned specialists transacting on a full range of property types. The group specializes in construction, bridge, mezzanine, and preferred equity opportunities and has fully dedicated origination, underwriting, closing, and servicing teams, ensuring that clients’ needs are met with timely execution.