Bankers Mutual Funds $35.1-Million Loan to Irvine Co.

Bankers Mutual said it has funded a $35.1-million loan to the Irvine Co., secured by one of the company’s largest apartment complexes--the 880-unit Park West Apartments in Irvine.

The Newport Beach mortgage banking company said the loan is its largest single apartment loan to one borrower.

Park West is one of the nearly four dozen apartment complexes that the Irvine Co. has included in a real estate investment trust it has formed. The privately owned company hopes to raise $204.5 million in a public offering next month of shares in the REIT.

The 30-year, fixed-rate permanent loan from Bankers Mutual will enable the company to retire an interim construction financing loan on the property.