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4/24/15
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Newport Beach-based home builder Baldwin & Sons LLC has obtained a $75.5 mil loan to finance the land development and home construction for the 81-home first phase of the builder’s Portola Northwest Project in Lake Forest. Sabal Financial Group LP arranged the non-recourse debt facility.
The 28-acre site is located at the northwest corner of Glenn Ranch and Saddleback Ranch Roads, and is part of the Portola Center master-planned community, which will ultimately include a mix of commercial space and over 900 residential units. The 81 single-family detached homes will include seven one- and two-story floorplans offering three, four and five bedrooms. Site development has already begun, and construction is expected to be complete in early 2017.
Sabal Financial’s Home Builder Finance business provides non-recourse acquisition, development and construction financing to experienced small- and mid-sized builders pursuing quality for-sale development opportunities nationwide. The firm also operates a Commercial Real Estate Term Lending business, providing $1 mil to $10 mil senior financing for stabilized properties nationwide including multifamily, office, retail, industrial and self-storage.
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