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Buchanan Street Partners Structures $247M in Financing for Nexus to Develop Two High-Rise Condo Towers in Orange County
- Skyline at MacArthur to be Tallest Residential Buildings in Airport Area
- Population growth trends and lifestyle changes in Orange County Compelling Developers to Build Upward
Newport Beach, CA (July 18, 2006) - Buchanan Street Partners, a national real estate
investment bank, announced today that it has arranged $247 million for the construction of Skyline
at MacArthur Place, marking the firm's largest transaction to date. A $215 million construction
loan from Fremont Investment and Loan and a $32 million mezzanine loan from Lehman Brothers will
fund the development. The project, comprised of two, 25-story high-rise residential towers,
totaling 349 for-sale units, continues the trend towards more urban development in Orange County.
"This financing was successful due to the capital providers' ability to recognize the strong
sponsorship and team at Nexus," said Tim Hawthorne, Buchanan Street Partners' executive vice
president. "This project will bring a very well-designed and a cosmopolitan living option to the
growing population and evolving lifestyle trends in Orange County."
Skyline at MacArthur Place, to be complete in March 2008, is the tallest residential development
in the Orange County Airport Area. Units range from 1,000 square feet to 2,400 square feet and are
expected to sell from the upper $500,000's to as much as $2 million for the penthouses. According
to the California Department of Finance, the Orange County population has grown 27 percent since
1990 to 3 million as of July 1, 2005, and high-rise projects are considered an inevitable solution
to the tight housing conditions.
"Buchanan Street Partners was able to recognize and effectively communicate the value of this
project in working with lenders," said Cory Alder, president of Nexus Companies. "We were
extremely satisfied with the results Buchanan delivered in a tough market, especially considering
the project's size and complexity of the deal structure."
About Buchanan Street…
Buchanan Street Partners is a real estate investment bank that
provides real estate capital for owners and developers. The firm makes principal equity investments
for real estate in a discretionary capacity, arranges debt and structured finance, is an investment
manager to institutional and private investors, offers investment sale brokerage services, and
has a specialty in self-storage finance. Offices are located in Newport Beach, Los Angeles,
San Francisco, Chicago and Atlanta.
About Nexus …
Nexus Companies (Nexus Development Corporation, Nexus Construction
Services and Nexus Residential Communities) provides real estate development, construction,
marketing and management. Headquartered in Santa Ana, CA, the company has completed projects in
office, industrial, retail, residential for sale and for rent, and mini-storage product types.
Nexus has been in business since 1981. For more information, visit
www.nexusd.com.
