Distressed-debt specialist Sabal Financial Group LP has closed its first construction loan through its recently launched builder-constructor lending program.
The Newport Beach firm has loaned $4 million to a group of borrowers, including Bali Construction, Keusder Homes Inc. and Core Real Estate Services, which will develop 12 single-family homes in Torrance.
The project is slated to end next year.
The development is an infill project close to the Del Amo Fashion Center and Torrance Civic Center, as well as to the 110 and San Diego (405) freeways.
“With employment centers, strong regional amenities and the Pacific coastline nearby, the demand for quality housing in this region is strong,” said Bart Hornstein, principal of Core Real Estate Services.