California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Walker & Dunlop Arranges Financing on Coachella Master-Planned Development
Walker & Dunlop, Inc. has arranged a $160-million loan for a master-planned community located in Rancho Mirage within Coachella Valley. The loan has a $27-million re-advance component for total proceeds of $187 million.
Walker & Dunlop Capital Markets, led by Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt and Christopher de Raet, advised the borrower, EC Rancho Mirage Holdings Limited Partnership and its affiliates, to arrange the construction financing for the completion of the first phase of the community. Intervest Capital Partners and Builders Capital provided the capital.
The community, Cotino, a Storyliving by Disney Community, is expected to contain approximately 1,900 residential units, a 24-acre lagoon with Crystal Lagoons technology, a voluntary private club, a town center and various other amenities.
“We are honored to work on this community, a groundbreaking project that blends unique lifestyle amenities and award-winning homebuilders,” said Reimer. “We look forward to seeing this extraordinary community come to life.”
- ◦Development
- ◦Financing
