Bonanni secures $100 million loan for Orange County development

Render Cloud House. Image courtesy of Bellwether Enterprise Real Estate Capital

Residential development company Bonanni Development received a $100 million permanent loan to build Cloud House, a five-story, 321-unit luxury community in Stanton, California.

The loan was granted by Guardian Life Insurance Co. of Americaaccording to Trade Observer. National Multi-Family Mortgage Bank Company Bellwether Enterprise Real Estate Capital arranged the loan, which includes a 13-year term with a three-year construction period and a 10-year permanent loan, with interest-only payments for the first eight years. The rate is set at 4.5% and has been blocked on the loan application.

Executive Vice President Tom Kenny and Assistant Vice President Alex Gregoire, both of BWE’s office in Irvine, Calif., initiated the loan through the life insurance company. Bonanni Development, which is also building VRV, a five-story, 300-unit multifamily property in Stanton, is a regular BWE client. Bonanni Development also plans to build Bigsby, a 79 townhouse development in Stanton which is still under review by city officials.

Located at 12331-12435 Beach Blvd., Cloud House is part of the Beach Boulevard transformation in the Stanton neighborhood, which has been revitalized in recent years. The site is located just north of CA-22 near the intersection of Beach Boulevard and Lampson Avenue. Cloud House will have studio, one and two bedroom units. The residential building will wrap around a seven-story parking structure on the 3.8-acre site. Amenities include a rooftop terrace with a swimming pool, spa, sky lounge with panoramic views, fitness center, coworking space, outdoor community space and dog park.

In December, AO Architects, the firm that designed Cloud House, received a Bronze award at the MHN Excellence Awards 2021 in the Unbuilt category.

BWE offers

In February, BWE completed a $90 million permanent placement loan to finance 1133 Hope, a 28-story, 208-unit luxury multifamily property in Los Angeles that was completed in 2020. The financing replaced an incoming construction loan due for owner, identified by Yardi Matrix as Z&L Properties.

BWE issued $40 million on behalf of LDG Development in March to fund a 312-unit affordable housing development in South Louisville, Ky. As part of the financing, BWE secured a $31.5 million tax-exempt investment loan dollars for the project.

A month later, BWE closed five loans totaling $151 million to refinance nine assisted living and memory care communities in the Northeast, Southeast and Southwest for multiple borrowers . In the largest deal, Bridge Investment Group received a $64.8 million Fannie Mae loan for a four-property portfolio with 422 units in the northeast.

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