Aug
18
What to Know About Land Financing
ByWith 2,000 attendees and an outstanding speaker lineup, you can’t afford to miss RealShare APARTMENTS in Los Angeles on October 21-22.
Strauss: “The problem with land is that it typically appreciates significantly in value later in the cycle and depreciates earliest in a downturn.”IRVINE, CA—When it comes to land loans, lenders have a sensitivity to product type, prefer infill vs. greenfield product and shy away from sites that are not fully entitled, Mark Strauss, managing director of Cohen Financial’s Irvine office, tells GlobeSt.com. Strauss and Cohen’s Robert Quarton recently secured an $18-million refinancing of a land parcel in the Uptown Newport master-planned development located near the intersection of Jamboree Rd. and Fairchild Dr. in Newport Beach, CA. The property is a premier development site in Orange County, with entitlements in place for 225 townhomes or condominiums. We spoke exclusively with Strauss about the loan, why lenders are reluctant to finance land purchases and other aspects of land financing…
