Oakwood Shores Obtains $9.4m Construction LoanJuly 27, 2013 8:00 am
Valley Home Scene
Sabal Financial Group, a diversified financial services firm specializing in real estate, lending and banking, has closed a construction loan in the amount of $9.4 million for Manteca’s gated Oakwood Shores community.
A demonstration of the firm’s continued growth in the Northern California region, the transaction provided Lafferty Communities with debt financing for the construction of Oakwood Shores. The transaction follows a trio of recent loan deals in the region.
“This loan is representative of the current surge in new home project finance deals that Sabal is experiencing,” said Tom Farrell, director of Sabal’s Home Builder Lending division. “With the new home supply still constrained, and employment and the economy improving, many reputable builders are getting off the sidelines and looking for debt solutions to achieve speed-to-market with their projects.”
Oakwood Shores is a single-family residential gated community consisting of 274 homes and Sabal provided financing on 32 three-bedroom homes, which include two different product lines: Bella Vista and Bella Lago. The average base price of the Bella Vista homes will be $355,821 with floor plans ranging from 2,292 to 3,284 square feet. The average base price of the Bella Lago homes will be $382,608 with floor plans ranging from 2,871 to 3,841 square feet.
The private community sits adjacent to Manteca Lake and Oakwood Lake, allowing for boating and fishing, with a private swimming pool, 4,000-square-foot clubhouse equipped with a catering kitchen, large patio area with seating and barbecues. Oakwood Shores is minutes away from Interstate 5, and nearly a dozen private and public schools and community parks. The community will be built by Lafferty Communities, a privately-held home builder based out of San Ramon.
“This is the second deal we have completed with Sabal Financial Group, who continues to be an excellent source of financing for our new home communities in the Bay Area,” said Rick Lafferty, president and chief executive officer of Lafferty Communities. “Sabal has consistently demonstrated an understanding of real estate and the Bay Area marketplace, and has subsequently provided speed in financing, giving us the ability to focus on getting our projects built to meet market demand.”
The transaction follows a recent increase in deals completed by Sabal in the region. Three recent transactions closed include a $24 million construction loan to Lafferty Communities for The Grove, a single-family new home community in Livermore; a $9.9 million construction loan to Pacific Housing for the acquisition of a 1.2-acre piece of land in Sacramento entitled for the development of 34 detached townhomes; and a $4.8 million loan to Premier United Communities for the construction of ten single-family homes in Granite Bay.
Sabal is comprised of an experienced team with an extensive background in both home building and lending, and is focused on delivering financial decisions based on sound real estate underwriting. Sabal Home Builder Lending recently expanded to East Coast markets to meet builders’ rising demands for financing in Orlando, Florida and continues to grow into East Coast cities with additional staff.
Advisory Practice, an advisor and M&A specialist serving commercial and investment banks with unbiased third-party credit portfolio risk and capital performance assessments; and Sabal Fund Analytics and Surveillance, a provider of expert oversight, reporting and disbursement controls on behalf of equity providers in real estate and non-real estate joint ventures, and controlled and non-controlled investment platforms.
See the original article at the Valley Home Scene.