Bonds Finance Laguna Rental Development

A-M Equities, an Orange County development firm and division of A-M Co., Santa Barbara, has completed a $33.5-million bond sale, one of the five largest municipal bond sales in the history of Orange County.

The funds will be used to construct the Club Laguna, which is the largest residential project ever developed within the city of Laguna Beach.

Financing was arranged through Citicorp Real Estate Inc., Orange County.

Club Laguna is a 26-acre hillside project located near Laguna Canyon Road on El Toro Road. Grading has already begun on the 421-unit luxury apartment project, which will be built in a pinwheel design to facilitate maximum use of the space. Initial occupancy is scheduled for June, 1986.

Rent on the units will range between $650 and $1,200 a month.

Twenty percent of the units will be reserved for low- and moderate-income buyers, under the terms of the state bond issue helping to finance the development.

Paramount Construction Management Inc., Long Beach, has been named general contractor for the project.