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InterVest Capital Partners and Builders Capital provided a $160M loan for the Disney master-planned residential development Cotino in Rancho Mirage.
The loan has a $27M readvance element, bringing total proceeds to $187M, Commercial Observer reported. Readvanceable loans allow the borrower to add a line of credit to the existing loan.
EC Rancho Mirage Holdings is building Cotino as part of Storyliving by Disney, in collaboration with DMB Development, according to Commercial Observer.
Marketing materials explain the community will eventually feature 1,900 homes and condos, a 24-acre lagoon and a private club. A retail center in the development is set to open next year.
Homes in Cotino start in the low $2M range, according to the development's website. Some home sites for 55-and-up residents will start in the upper $1M range.
A Walker & Dunlop team that includes Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt and Christopher de Raet represented the borrower.
EC Rancho Mirage is led by private equity firm Clarity Real Estate and the U.S. affiliate of Epta Development, a Canadian family office.
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