In mid-July, Irvine, Calif.,-based Brandywine Homes started construction on Covington, a 5.1-acre urban infill community with 51 townhomes across from the Richard Nixon Presidential Library and Museum, in Yorba Linda, Calif. The project is scheduled to be completed by Fall 2015. The townhomes will range from 1,750- to 2,100-square feet and Theron Pate of Pate Smeall Architects will incorporate craftsman elements into the architecture.
“Covington represents something not seen in a very long time in Yorba Linda: a community in the very heart of the land of gracious living,” said Dave Barisic, vice president of sales and marketing at Brandywine Homes, in a press statement. “It is a one-of-a-kind community.”
On July 15, Newport Beach, Calif.,-based Sabal Financial’s Home Builder Finance announced that it had financed loans a number of new projects around the state with acquisition, development, and construction (AD&C) loans. The firm announced that it provided a $3.6 million loan for the construction of ten single-family homes in in Eagle Rock, a community in Northeast Los Angeles; a $3.5 million loan for the construction of five attached townhomes in West Hollywood; a $4.4 million loan for the construction of ten single-family homes in Redlands, and a $5.3 million loan for the construction of 17 single-family homes in Santa Rosa. In a press release, Sabal said that The Santa Rosa project is a redevelopment of a 2.2-acre infill site and includes the construction of 15 new homes, the renovation of one existing home, and the tear down and replacement of another.
Sabal is also active in Washington, financing two luxury single-family homes in Yarrow Point, 21 single-family homes in Federal Way, 42 single-family homes in Gig Harbor, and six three-story townhomes in an infill location in Seattle.
If you’ve financed developments, bought lots, or started new projects around the country, let BUILDER know about it by contacting Les Shaver at [email protected].
Learn more about markets featured in this article: Los Angeles, CA, Santa Rosa, CA.
