LFB was engaged by a repeat client to arrange acquisition financing for the purchase of the remaining land within the Escena Master Planned Community in Palm Springs, CA. The property represents the remaining development sites with the larger master plan which includes 4 non-contiguous parcels totaling just over 53 acres. All major infrastructure has been completed with one guard gated entry and two automated entry points. There is also a championship 18-hole public golf course and a golf club with restaurant.
The loan closed at 75% of the purchase price, with an 18 month term and no prepayment penalties. Repayment of the loan will be through lot sales. LFB is working with the sponsor on future financing for several of the planning areas within the larger master planned community.
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