REAL ESTATE
Compiled by Debora Vrana / Special to The Times
REIT Credit Line: Irvine Apartment Communities, a real estate investment trust of apartment properties formed by the Irvine Co. last year, has obtained a $50-million revolving credit line from a group of banks led by Wells Fargo.
Richard Moran, chief financial officer of the REIT, said the credit line will be used for working capital and to buy land for new apartment buildings. He said the REIT is currently negotiating another loan with the same bank group for construction of the apartments.
The company is planning an additional 2,000 apartment units in five new apartment complexes to be built during the next two years. Irvine Apartment Communities currently owns 43 apartment complexes with more than 11,300 units in Orange County.
