This article originally appeared in Connect Media
January 23, 2020
Buchanan Mortgage Holdings, the finance arm of Newport Beach-based Buchanan Street Partners, has delivered a $55-million construction loan for The Orchard, a 177,000-square-foot mixed-use residential and retail development located in Azusa, CA.
The transit-oriented development is planned to anchor downtown Azusa at the corner of N. Azusa Ave and historic Route 66, near Azusa Pacific and Citrus Colleges, as well as Azusa’s Downtown Metro Goldline, which is a 45-minute public transit commute to Downtown Los Angeles.
Developer Serrano Development Group has programmed the site for 163 market-rate apartments over 31,700 square feet of retail. The Orchard loan represents Serrano’s second mixed-use development and non-recourse construction loan with Buchanan.
According to Buchanan’s SVP Joe Maehler, “This loan demonstrates our performance in the construction lending market. Buchanan’s ownership background in multifamily provides us a unique perspective and insight to accommodate structured financing requests such as this.”