SoCal Development Gets $144M in Construction Financing
The project is part of an ongoing repositioning of a shopping mall into a mixed-use community.
Affinius Capital has secured $144 million in construction financing from QuadReal Property Group to develop The Carina, a 408-unit multifamily property that will be the latest addition to the MainPlace Mall in Santa Ana, Calif. A JLL Capital Markets Debt Advisory team arranged the financing.
Development is underway at the Orange County site, with the first units scheduled to be delivered in May 2028. Final completion is slated for October 2028. Greystar will be the property manager.
The Carina is being developed by Lowe, a national real estate company, along with Affinius and Centennial, co-owners of the Orange County mall that is being repositioned as a mixed-use destination featuring retail, dining, housing and entertainment.
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The developers recently broke ground on both The Carina and the MainPlace Culinary District, a nearly 1.3-acre outdoor dining area that will have more than 20,000 square feet for restaurants and two flagship retail spaces. The Carina will overlook the culinary district, which will serve as a connection between the shopping center and residential communities. Another apartment property, the 309-unit Paloma, opened in 2023.
The JLL team was led by Senior Director Jamie Kline, Director Charlie Vorsheck, Senior Analyst Nick Englhard and Analyst Charlie Paul arranged the three-year, floating-rate loan through QuadReal.
A close look at The Carina
Located at 2828 N. Main St., The Carina will rise eight stories with five levels of residences atop three levels of above-ground parking. The Carina will feature a mix of studios, one- and two-bedroom apartments featuring stainless-steel appliances, in-unit washers and dryers, quartz countertops, porcelain tile, wood plank style flooring and balconies.
Community amenities will include a swimming pool and spa on an open-air fourth-floor deck, an outdoor lounge and kitchen, a fitness center, a yoga and a spin studio as well as a resident game room, coworking spaces and study rooms, a maker’s space, secure parcel storage, dog run and dog spa area. The community will feature more than 84,000 square feet of terraces and courtyards, in addition to on-site security. There will also be one below-grade level of parking.
Residents of The Carina will have quick access to Interstate 5, and state roads 55 and 22, providing connectivity to Northern and Southern Orange County, Los Angeles, San Diego and the Inland Empire.
Tight supply in a prime market
Construction of multifamily units in Orange County fell 21 percent year-over-year to 4,773 early this year, according to Kidder Mathews’ first-quarter 2026 market report. However, new deliveries were up a whopping 192 percent year-over-year to 936. Vacancy was at record lows, dipping to 3.9 percent, up by 10 basis points from the same in 2025. Tight supply helped average asking rents inch up slightly, just 1 percent year-over-year to $2,688 per unit.
Supply cooled in Orange County last year, with 511 units coming online through August and another 7,736 units underway, according to the Yardi Matrix October multifamily report for the region. A lack of supply led to the county remaining one of the tightest rental markets in the U.S. The report noted occupancy in stabilized properties was 96.5 percent as of July, down 20 basis points year-over-year.
