Santa Ana-based homebuilder City Ventures LLC said it has landed a $75 million loan to help fund its construction operations.
The builder, one of the more aggressive buyers of land in California the past few years, said it struck a $75 million revolving construction loan with Housing Capital Co. of San Mateo and Minneapolis-based US Bank.
The money will be used to build out City Ventures’ projects along the coast, which have been ramping up construction over the past year.
The company currently has 11 projects under construction, in cities including Carlsbad, Santa Ana, Santa Barbara, Signal Hill, and Brea.
City Ventures expects to launch four additional projects by the end of the year, in Carlsbad, Glendora, Scotts Valley and Claremont.
The company, which started up operations in 2009, bought land in nine cities so far this year. That land could hold close to 2,000 homes. It paid about $55 million for those lots, which included land in Brea.
City Ventures currently owns over 4,500 lots across California. When built and sold, the homes are expected to generate revenue nearly $2 billion, officials said.
Late last year, City Ventures started CV Communities LLC, a unit focused on suburban development, particularly in the Inland Empire.
The company got a $100 million investment from Los Angeles-based asset management firm Ares Management LLC last year. It’s since gotten another infusion of cash from Ares and has other private investors.
