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Stradling

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.