Berkadia Arranges JV Equity for Orange County Project
- Oct 29, 2020
Berkadia has sourced a joint venture equity partner for Legacy Partners’ 651 Sunflower, a 226-unit project in Santa Ana, Calif. Senior Managing Director Chinmay Bhatt and Managing Directors Noam Franklin and Cody Kirkpatrick secured DWS Group as the capital partner. DWS originated the development financing and provided joint venture equity for the project.
Legacy Partners paid $16.7 million to acquire the 4-acre site at 651 Sunflower Ave. from International Church of the Foursquare Gospel, according to Orange County records. The existing 9,875-square-foot single-story structure that serves as a church will be demolished.
TCA Architects will design the community, which will break ground in November and is slated for completion in 2023. The five-story building will feature private offices for coworking and every unit will have a balcony. Amenities will include a pet park, a swimming pool and two rooftop decks. Additionally, the property will have a six-story parking deck providing 452 stalls. The site is 4 miles south of downtown Santa Ana.
In 2020, developers in Orange County broke ground on 1,810 units, which represent approximately one-third of the metro’s 5,872 units under construction. The Santa Ana submarket has the lion’s share of units underway: in October, developers kicked off construction on seven projects encompassing 1,517 units in the city.