First-Phase Financing OKd for Apartments

A $6.8-million first-phase construction loan has been funded by Home Federal Savings & Loan Assn. through Pacific Continental Group Inc. for the $11-million Deerpark apartment project being developed in Encinitas by Deerpark Encinitas Associates.

The project, near Encinitas Boulevard and El Camino Real in north San Diego County, will contain 214 one-bedroom, one-bath and two-bedroom, two-bath apartments ranging from 660 to 987 square feet, to rent from $510 to $725 a month upon occupancy in May.

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