Tustin Cottages

This property was a 65-unit single story apartment complex situated upon 5.12- acres of land. We entered into escrow to acquire this property for $14.3- million, plus approximately $800k to pay off the conduit loan that was currently in place. During escrow, we assigned our interest to a local residential developer, called Nevis Homes, in exchange for a flat assignment fee that was paid at the close of escrow, plus a participation agreement based on successfully obtaining the necessary governmental approvals for the construction of 93 new town home units on the site. Nevis Homes successfully closed on the property with ING Realty Partners putting up 90% of the equity requirement and City National Bank supplying the debt financing.