RE BUSINESS ONLINE – Buchanan Mortgage Funds $55M Construction Loan for The Orchard Mixed-Use Project in Azusa, California

This article originally appeared in REBUSINESSONLINE

The Orchard in downtown Azusa, Calif., will feature 163 apartments, 31,700 square feet of retail space and subterranean parking.

AZUSA, CALIF. — Buchanan Mortgage Holdings has closed a $55 million loan for construction of The Orchard, a mixed-used residential and retail development in Azusa, approximately 20 miles east of Los Angeles. The borrower, Serrano Development Group, will use the loan to construct 163 market-rate apartments and 31,700 square feet of retail space.

The transit-oriented development will be located in downtown Azusa at the corner of North Azusa Avenue and U.S. Route 66. The project will consist of two Class A multifamily buildings connected via a second-story footbridge, subterranean parking and ground-floor retail space.

The project marks the second collaboration between Serrano Development Group and Buchanan Mortgage Holdings.