Irvine-based homebuilder California Coastal Communities Inc. said on Tuesday it had reworked $210 million worth of bank loans, which should allow it to better finance the construction of homes at its Brightwater development in Huntington Beach.
The reworked credit facility, made with two bank syndicates and managed by KeyCorp, defers $25 million of debt payments that were due at the end of the year.
It also preserves an additional $75 million of borrowing capacity between now and September 2009.
Only $1 million of mandatory principal payments now are due by year’s end.
California Coastal, which counts a market value of about $25 million, expects to pay off the principal with proceeds from pending home sales.
The builder said it delivered seven homes at its Brightwater development on Huntington Beach’s Bolsa Chica last quarter, at an average price of $1.4 million.
So far, 37 sales have been made at Brightwater, and $28.4 million worth of homes are in backlog at the coastal project. A total of 356 homes are expected to built at the development.
