Crescent Turns Orange County Rentals to Condos With $210M Loan
The property is returning to its for-sale roots.
Crescent Heights has closed on a $210 million loan for Skyline OC, a 349-unit multifamily-to-condominium conversion project in Santa Ana, Calif. Centerbridge Partners provided the note in a transaction arranged by Newmark.
The community debuted in 2008 as a condo property but underwent a rental conversion following of the Great Recession. Crescent paid $239.6 million for the asset last year, planning to bring it back to its condominium roots.
Skyline OC’s two 25-story towers are the tallest residential buildings in Orange County, featuring one- to three-bedroom layouts that range between 1,018 and 2,826 square feet. Units command up to $3 million with prices starting at the $600,000 mark, according to Markets of Tomorrow.
READ ALSO: Trends for the Condominium Market
The property features 60,000 square feet of amenity space, including a swimming pool, a gym, coworking spaces and concierge services, as well as more than 1 acre of landscaped outdoor recreation and gathering areas.
Located at 9 MacArthur Place in Orange County, Skyline OC is nearly halfway between Santa Ana and Irvine, Calif., proximate to numerous business centers and retail venues.
Newmark Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, together with Vice Chairman Nick Scriban and Senior Managing Director Ricky Braha, in addition to Director Holden Witkoff, as well as Associate Niv Shahmoon, arranged the financing.
Crescent’s latest multifamily-to-condo projects
Skyline OC’s conversion carries on Crescent’s trend of repositioning rentals to condos. In July 2025, the company filed to convert a 283-unit multifamily community in Century City, Calif., into a condominium property. That project could shape up to be the biggest condo conversion in Los Angeles since 1973.
Crescent’s repositioning efforts extend beyond California. In 2024, the company converted a 198-unit, 19-story tower in Chicago to for-sale condo units. Since then, roughly 70 percent of the property’s residences have been sold, according to the property’s website.
