Palm Desert Loan Granted
A $22.4-million, 22-year loan guarantee, described as “the largest and longest apartment loan commitment” ever issued by the Federal National Mortgage Assn., has been given to the developers of a 512-unit apartment community under way in Palm Desert.
Dennis A. Martin and Lewis Corrigan, managing general partners of Western Community Developers Ltd., announced the loan,along with Robert E. Solliday, assistant vice president at Wells Fargo Realty Finance, which served as loan broker and will be loan servicer.
The apartments, known as San Tropez Villas, are scheduled to open in late spring, with monthly rents starting at about $550. The project is located on a 24-acre site on the south side of Country Club Drive.
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