COMMERCIAL REAL ESTATE
Untitled Page
CT/KDF Community Development Partners closes $36 million
The Newport Beach-based alliance secures financing for Raymond Renaissance project in Pasadena.
By Susan BelknappPublished: December 14, 2009 09:45 PM
CT/KDF Community Development Partners LLC, an alliance of CT Realty and KDF Communities, both of Newport Beach, announced that it has closed $36 million in new financing for the Raymond Renaissance project in downtown Pasadena. The project involves the historical restoration of the 1920s Jensen Raymond Theatre in addition to the creation of 47 residential and commercial condominiums and three retail spaces along Holly Street.
The Raymond Renaissance represents the culmination of years of planning to renovate and restore the historical Jensen Raymond Theatre into a viable and productive mixed-use destination. Gene and Marilyn Buchanan are heading the development through their company, AJB Enterprises Inc.
According to Robert M. Campbell, president of CT Realty Corp. and a principle in the CT/KDF partnership, said the Raymond Renaissance experienced construction delays and budget overruns like so many other projects in the current environment.
Despite being within weeks of delivering the units to interested buyers, there were insufficient funds available to obtain the final certificate of occupancy. CT/KDF, through its allocation of New Markets Tax Credit (NMTC) funds, was able to inject the necessary capital to ensure successful completion and delivery of the project. CT/KDF worked in tandem with the original construction lender, East West Bank.
NEXT PAGE >>
Related headlines
Voit Real Estate tops local industrial deals
Laguna Niguel's Raintree Partners makes $21 million acquisition
Trumark Cos. moves forward with plans for new-home project in Brea
Anaheim's Harbor Lofts auction is Dec. 1
|
||||
|
The Raymond Renaissance represents the culmination of years of planning to renovate and restore the historical Jensen Raymond Theatre into a viable and productive mixed-use destination. Gene and Marilyn Buchanan are heading the development through their company, AJB Enterprises Inc. According to Robert M. Campbell, president of CT Realty Corp. and a principle in the CT/KDF partnership, said the Raymond Renaissance experienced construction delays and budget overruns like so many other projects in the current environment. Despite being within weeks of delivering the units to interested buyers, there were insufficient funds available to obtain the final certificate of occupancy. CT/KDF, through its allocation of New Markets Tax Credit (NMTC) funds, was able to inject the necessary capital to ensure successful completion and delivery of the project. CT/KDF worked in tandem with the original construction lender, East West Bank. NEXT PAGE >> Related headlines Voit Real Estate tops local industrial deals Laguna Niguel's Raintree Partners makes $21 million acquisition Trumark Cos. moves forward with plans for new-home project in Brea Anaheim's Harbor Lofts auction is Dec. 1 |
||||
