San Luis Obispo, CA
We originated a $32.7mm 1st mortgage loan for the acquisition and development of the first phase of Righetti Ranch, a 382 residential lot development on a 162-acre site in San Luis Obispo, California. Located on the Central Coast of California roughly midway between San Francisco and Los Angeles, the city of San Luis Obispo is one of California’s oldest communities, as well as the county seat. The land is fully entitled with most discretionary approvals for the development in place. The borrower has a deep-pocket capital partner and has extensive experience in large-scale developments of this nature in California.