Newport Beach-based Sabal Financial Group LP has closed the latest set of construction loans, totaling about $31 million, as part of its homebuilder-lending program designed primarily to fund infill developments.
Sabal provided $8.7 million in funding to Newport Beach-based real estate company Planet Home Living to build 15 houses in Chatsworth. The homes will be between 3,400 square feet to 4,900 square feet, and are expected to be priced between $740,000 and $900,000.
Sabal financed another $9.7 million to Planet Home for a project in the Echo Park district of Los Angeles, an area it said is “appealing, as it offers an affordable alternative to the popular Silver Lake district.”
The Echo Park development includes 22 smaller homes, ranging from 1,430 square feet to 2,040 square feet. These properties have a base price of between $570,000 and $645,000.
Sabal also loaned $12.5 million to Watt Residential, part of Santa Monica-based Watt Companies Inc. The money will go for the development of 48 homes in Pomona. The houses will be between 1,800 square feet and 2,190 square feet, and are expected to be worth between $318,000 and $345,000.