City of Garden Grove Provides Subordinate Financing for Affordable Housing Project

City of Garden Grove

Stradling advised the City of Garden Grove in providing subordinate financing in the form of a $1.2 million HOME loan to Mariman & Co. to acquire the Sycamore Court Apartments, a 78-unit townhome development. Mariman plans to rehabilitate the property and then operate it as an affordable housing project. The senior financing to Mariman came from $13,840,00 in housing revenue bonds issued by the California Municipal Financing Authority (2017 Series A).

Celeste Brady and Vanessa Legbandt of the Newport Beach office represented the City as special counsel.