Lennar Corp. and development partner LNR Property Corp. have secured $500 million in financing for the redevelopment of the former El Toro Marine base.
The companies got a construction loan from Lehman Bros., according to real estate news site GlobeSt.com.
Miami-based Lennar’s Aliso Viejo office struck a deal this summer to buy most of the former Marine base for about $1 billion.
The company plans about 3,600 homes as well as businesses, museums, wilderness areas and other uses at El Toro.
Miami Beach-based LNR Property spun off from Lennar in 1997 and still works closely with the homebuilder, overseeing commercial development on projects.
