Lyon Communities has received $167m in Freddie Mac financing for two recently-constructed, Class A multi-housing communities in Southern California.
An $88m loan backs The Marke in Santa Ana, and a $79m loan backs Palomar Station in San Marcos. Both 10-year loans carry a 3.32% fixed-rate and were financed through Freddie Mac’s premiere lease-up program, which provides loans for newly-constructed properties in Tier 1 and 2 markets at a maximum loan-to-value of 65%.
The five-story, resort-style The Marke consists of 300 units situated on 4.44 acres at 100 East MacArthur Blvd. It features a saltwater pool with an outdoor theater, private cabanas, outdoor fire pits and dining tables, bowling lanes and a training facility, among other amenities and services. Palomar Station, at 1257 Armorlite Drive, consists of 16 three-story buildings housing 370 units. It features two resort-style pools, a spa, two business centers, a pet spa, conference and fitness centers.
The Marke and Palomar Station, both completed in 2014, were 63 and 55 percent occupied at closing, respectively. HFF arranged the financing.