December 12, 2017
Newport Beach, CA-based Buchanan Street Partners closed on a $20.8 million construction loan for Newhall Crossings, a mixed-use project with 47 apartment units and 20,164 square feet of retail space in Santa Clarita, CA. The project will anchor a significant redevelopment in historic Old Town Newhall, a walkable downtown district with plentiful dining and shopping opportunities in burgeoning Santa Clarita Valley that is served by a nearby Metrolink station.
Buchanan Street Partners’ Matthew Doerr says, “Millennial demographic trends point to increasing demand for an urban lifestyle in a suburban location, and given its proximity to the Newhall Metrolink Station, we think Old Town Newhall is poised to capitalize on that opportunity.”
Buchanan Street provided a 77% loan-to-cost, non-recourse construction loan for Newhall Crossings. JLL’s Brian Halpern and Alex Kane arranged the financing for Buchanan Street
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