Palm Springs Condo Development Rising

Construction is under way on a 118-unit condominium development in Palm Springs, expected to be completed in June.

Pasadena-headquartered First Interstate Mortgage Co.’s residential division provided $21.8 million in construction and permanent financing for the project, which is being developed by Peri-Mel 1, a California General Partnership. The project in on an 8.18-acre site on the west side of Caballeros Avenue.