New Lender Racks up Residential Construction Loans

Presidio Residential Capital, a private real estate construction lender, said it has closed $40.3 million in new commitments since its formation six months ago. Over the next 24 months, the company's goal is to fund in excess of $250 million in construction loans for home-building projects in the Western part of the U.S. and Texas. The first loan was $11 million to Cornerstone Communities of San Diego to provide the funding needed to build homes in its Andorra neighborhood within the master-planned community of Eastlake in Chula Vista, Calif. Other loans include $6.2 million closed in January to TRI Pointe Homes to fund the completion of 29 homes in its Traditions neighborhood in Riverside, Calif., another $8.2 million to TRI Pointe Homes for an Oceanside project of 30 homes dubbed Arrowood, and $14.9 million closed in March to McMillin Homes to fund 45 homes in its Santee, Calif., neighborhood of Morning View. Although Presidio Residential Capital targets single-family builders, condominium projects will be considered, according to Don Faye, president. Loans, with a minimum loan commitment of $10 million, are being made based on the project and builder meeting specific standards, including the project having a strong feasibility, good product and location.