ORIX Real Estate Americas announced the closing of a $22.925 million loan to construct a 94-unit, Class “A+” mixed-use project in Santa Cruz, California. Situated in a prime location within walking distance of both downtown Santa Cruz and the Santa Cruz Beach Boardwalk, the property is also located along two main surface streets that accommodate numerous public transportation lines that feed the beach, downtown and surrounding employers.
“We are very excited to work with this sponsorship group,” said Adam Diamond, Director – Originations for ORIX Real Estate Americas. “The market has strong barriers to entry and great pent-up demand.”