New $144M Construction Financing Highlights Strength for Top-Tier Product in Orange County
Affinius Capital's $144 million construction loan for The Carina, a 408-unit multifamily development project in Santa Ana, California, is an example of Orange County's strength in attracting high-quality product.
The Carina (2828 N. Main St.) is adjacent to MainPlace, a prominent mixed-use retail, dining and entertainment destination.
JLL Capital Markets arranged the three-year, floating-rate loan through QuadReal.
Senior Director Jamie Kline, Director Charlie Vorsheck, Senior Analyst Nick Englhard and Analyst Charlie Paul led JLL Capital Market's debt advisory team.
"Financing a deal like Carina in my backyard reminds me of the continuing strength of the Orange County multifamily market," Kline told GlobeSt.com.
"Lenders continue to seek well-located, institutional-quality projects, and The Carina's high quality, position adjacent to MainPlace Mall, and its access to the region's major employment corridors made this a compelling story for capital."
Construction began this month, with the first units scheduled for delivery in May 2028 and final completion expected in October 2028.
The property offers exceptional access to Interstate 5, State Road 55 and State Road 22, providing residents with connectivity to Northern and Southern Orange County, Los Angeles, San Diego and Inland Empire.
Lowe is managing the development. Upon completion, The Carina will rise across nine levels with Type III construction over a Type I podium, including one level of below-grade parking.
The community will include a mix of studios, one- and two-bedroom apartments, with market-leading amenities including a resort-style swimming pool on an open-air fourth-floor deck.
Lument classified the Santa Ana market as having strong renter demand supported by job diversity and limited for-sale affordability. Vacancy rates there were among the lowest in the nation in early 2024, especially in Class C units (2.8%). High barriers to homeownership keep households in the rental market.
Meanwhile, data from Rent.com shows that studio apartments in Santa Ana are averaging $2,250 (down 11% year-over-year) as of April and one-bedrooms are averaging $2,490 (down 5% year-over-year).
The Carina will also feature an outdoor lounge and kitchen, a high-end fitness center, yoga and spin studio, resident game room, individual study rooms and offices, as well as a dog run and wash.
The units will feature high-end stainless-steel appliances, in-unit washers and dryers, quartz countertops, wood-plank-style flooring and private balconies.
Source: GlobeSt/ALM