Legado Companies has secured a $128 million loan to build a 270-unit apartment complex in Santa Ana.
The Beverly Hills developer led by Edward Czuker received the loan to build the six-story building at 200 East First American Way, Urbanize Los Angeles reported. The project would replace a vacant lot.
The financing came through Gantry, a commercial mortgage banking firm based in San Francisco. Terms of the loan were not disclosed.
Plans call for 270 studio, one-, two- and three-bedroom apartments, between 600 and 1,800 square feet. A parking garage with a ground floor and three underground levels would serve 617 cars.
The project, designed by Newport Beach-based WHA, will include a public plaza, plus a business center, lounge, fitness center, pool, clubhouse and a rooftop yoga area. The number of affordable units, if any, were not disclosed.
The white and beige complex, north of MacArthur Boulevard and west of the 55 Freeway, will include inset balconies and floor-to-ceiling windows, surrounded by palms and jacaranda trees, according to a rendering.
A timeline for the development was not disclosed.
The Legado Companies is now developing the Legado Redondo on Pacific Coast Highway in Redondo Beach, with 115 apartments, a renovated 110-room hotel, and shops and restaurants, according to Urbanize.
— Dana Bartholomew