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Lee Homes Development Projects
Currently, Lee Homes, Inc. has a number of development projects in various stages of development, valued at over $150 million.
GRAND LOFTS, CITY OF LOS ANGELES
Lee Homes in partnership with CIM is completing construction on 66 Live/Work units in the former UCLA Extension building in Downtown Los Angeles at the corner of Grand and 11th Streets. The project adaptively uses is a combination of adaptive reuse in the existing 4 story structure with 3 stories of new construction above. Construction began in Winter 2004 with completion scheduled for Spring 2005.
http://www.grandlofts.com
CENTRE STREET LOFTS, SAN PEDRO
Lee Homes in partnership with CIM and the Los Angeles Community Redevelopment Agency (CRA) has broken ground on a mixed-use, retail and for-sale project on the corner of 7th and Centre Streets in San Pedro. The project includes approximately 20,000 square feet of ground floor retail with 116 units, of for-sale Live./Work Condos above. Construction completion is scheduled for Summer 2006.
http://www.centrestreetlofts.com
Sky Lofts, CITY OF LOS ANGELES
Lee Homes in partnership with CIM has started on the adaptive reuse of 801 S. Grand. The 22-story project includes a change of use to Live/Work lofts on floors 12-22 with the bottom 12 stories remaining office. Included in the current program would be the reconfiguration of ground floor to include neighborhood serving retail and restaurant uses. Construction began in February 2005 with completion scheduled for Winter 2005.
http://www.skylofts.com
GREENWELL ACRES, CITY OF SANTA BARBARA
Lee Homes purchased 6 acres of unentitled land on Modoc Road in the City of Santa Barbara. Together with local architect Brian Cearnal, 25 homes and a 30,000 square foot park have been approved by the City of Santa Barbara including five “workforce” housing units which will sell from $300,000 to $400,000. The market-rate homes will range from 1,800 to 2,310 square feet and will sell for $1,000,000 to $1,300,000. The first units will be delivered in Spring 2005.
BAY CITIES LOFTS II, VENICE
Lee Homes is rehabilitating an existing historic commercial laundry and adaptively reusing it as seven Live/Work Artist Lofts, adjacent to the nine Live/Work lofts above. The units were designed by renowned architect Mark Mack and range from 2,400 to 3,200 square feet. The project is under construction and the Artist-in-Residence units will sell from $1,400,000 to $1,995,000. The project will be complete in Winter 2004/05.
VISTA DEL SOL, CITY OF LOS ANGELES
Lee Homes in partnership with the Related Companies of California and McCormack, Baron & Salazar was chosen by the City of Los Angeles Housing Authority to redevelop Aliso Village, a 35-acre site east of Downtown L.A. The site is the location of the former Aliso Village public housing complex, and has been redeveloped as a mixed-income community of approximately 400 multi-family units and 93 single-family affordable and market rate homes which will sell from $350,000 to $425,000. Twenty-seven of the homes will be sold to former public housing residents who earn under 80% of median income. Presently, 75 of the 93 homes have been sold and are currently being delivered .
MARKET LOFTS, CITY OF LOS ANGELES
The Market Lofts will be a seven (7) story building with a combination of above and below ground parking for 267 residential units; a 50,000 square foot Ralph’s Supermarket; and 6,000 square feet of neighborhood serving retail including Quiznos, Coffee Bean and Tea Leaf, Coldstone Creamery, a UPS Store, etc. In addition to the below-grade parking structure, a 319-space parking structure will be constructed immediately behind the Market Lofts to provide condominium owners with directly accessible parking. Of the 319 available parking spaces, 52 units will have 2 reserved parking spaces with the remaining 215 units assigned 1. Construction will begin in April 2005.
http://www.market-lofts.com
SIENA, WOODLAND HILLS
Lee Homes is building 44 single-family homes in the Woodland Hills area of Los Angeles that will be reminiscent of the Italian hilltop of Siena. The homes will range from 2,500 to 3,200 square feet with views of the San Fernando Valley and adjacent mountains. The homes will start in the $600,000’s with the first units to be delivered in early 2005.
COURT HOMES III & IV, PLAYA VISTA
Lee Homes has been selected by Playa Vista Capital Company to develop a third and fourth phase of its popular for-sale product. The third phase includes 31 single-family detached homes with the fourth phase including 16 additional single-family detached homes. The homes will range from approximately 2,100 to 2,700 square feet, selling from the high $900,000’s to $1,100,000’s. Like both Capri Court phases, these homes will be the only detached homes in Phase I. Grading will begin in April 2005. The third phase homes will be complete in Winter 2005 with the fourth phase complete in Spring 2006.
HARBOR LOFTS CITY OF ANAHEIM
Lee Homes, in partnership with CIM, is developing 134 loft condominiums above 18 live/work lofts and 10,000 square feet of ground floor retail in the heart of the City of Anaheim. The project is located next to Disney Ice and consists of one- and two-bedroom lofts and townhomes — the first for sale project in the Anaheim Civic Center. Construction is expected to start in March 2005.
http://www.harborlofts.com
OLIVE LOFTS, CITY OF LOS ANGELES
Lee Homes in partnership with CIM is in predevelopment on a new project at the corner of Olive and 11th Streets. The project is envisioned as a 18-story, new construction high-rise with 105 units atop a parking structure and 4,500 square feet of neighborhood serving commercial/retail. The entitlements have been filed with the City of Los Angeles and construction is scheduled to begin in Summer 2005.
SANTA ROSALIA HOMES, CITY OF LOS ANGELES
As part of a master planned redevelopment effort by the City of Los Angeles and Capital Vision Equities – that includes 119,600 square feet of retail and 180 affordable, senior apartments and 150 attached-condominiums (see below) – Lee Homes is developing 140 single-family detached homes, selling from $275,000 to $400,000. Located in the Crenshaw area of Los Angeles and adjacent to the Magic Johnson theaters, the redevelopment effort includes a $40 million assistance package from the City of Los Angeles and is one of the top priorities for Mayor James Hahn. The City has approved the financing package and entitlements with construction to start in late-2005.
MARLTON SQUARE, CITY OF LOS ANGELES
As part of a master planned redevelopment effort by the City of Los Angeles and Capital Vision Equities (above) Lee Homes is developing 150 attached condominiums, selling from $275,000 to $375,000. Construction of the attached condominiums will begin prior to the single-family detached product and should break ground in Summer 2005.
WASHINGTON SQUARE, MARINA DEL REY
Lee Homes, in partnership with Lennar, is developing 123 for-sale condominiums and 6,000 square feet of commercial/retail at the corner of Washington Blvd., and Via Dolce. The 3 distinctive product types include 51 attached townhomes w/private garages and outdoor patios alongside 72 Live/Units constructed in an existing 9-story tower and adjacent podium parking structure. The entire project is the adaptive reuse of an existing office complex alongside the Grand Canal in Marina del Rey. Entitlements have been filed with the City of Los Angeles and construction is tentatively scheduled for Winter 2005.
HATFIELD HOMES, CITY OF LOS ANGELES
Lee Homes is redeveloping a 2.3 acre under-performing commerical site in Hillside Village. The proposed use will be in concert with the surrounding property and is planned for 30 single family detached units with an on-site “tot lot.” Conceptual site plans have recently been crafted and entitlements will be filed by Summer 2005.
From 1983 to 2003, Lee Homes, Inc. and its principals completed over 2,000 homes and 670 lots valued at well over 600 million dollars.
FLOWER LOFTS, CITY OF LOS ANGELES
In partnership with CIM Group, Lee Homes built 91 Live/Work lofts as part of the adaptive reuse of an existing three-story concrete building, located adjacent to the Staples Center and the MTA Blue Line. The project combined adaptive reuse and new construction. Flower Lofts was one of the first for-sale loft developments to come online in downtown Los Angeles in 15 years. Construction started in June, 2002 and was completed in September 2003. The units ranged in price from the mid-$300,000’s up to over $1 million. Flower Lofts set new record sales prices for downtown Los Angeles. (See awards section for awards received.)
BAY CITIES LOFTS I, VENICE
Lee Homes constructed 9 detached Live/Work Artist Lofts just off Abbot Kinney, the creative corridor in the Venice area of Los Angeles. The units were designed by renowned architect Mark Mack and range from 2,500 to 2,900 square feet. The lofts ranged in price from between $1,450,000 to $1,990,000. Construction financing for the project was provided by Alliance Bank.
CAPRI COURT, PLAYA VISTA
Lee Homes, in partnership with Brookfield Homes, was selected by Playa Capital to develop 23 single-family detached homes as part of approx. 800 homes in Phase I of the Playa Vista master-planned community. The homes range from 2,100 to 2,700 square feet and were priced between $700,000 to $900,000. Construction began in October 2001 and was completed in Winter 2003. Brookfield Homes provided the equity and construction financing was provided by Comerica.
COURT HOMES II, PLAYA VISTA
Lee Homes, in partnership with Brookfield Homes, produced a second phase of the popular Capri Court product for the Playa Vista community. The second phase included 28 single-family detached homes ranging in size from approx. 2,100 to 2,700 square feet. The homes sold between $700,000 to $900,000. Construction began in June 2003 and was completed in March 2005.
OXNARD VILLAGE, CITY OF OXNARD
In partnership with Goldrich & Kest and based on the homes at Village Green, Oxnard Village consisted of 141 homes and approximately 6 acres of retail development. In July, 2001, Lee Homes sold the residential lots to American Pacific Homes. The first homes were delivered in early 2003 with the remainder completed in December 2003. Lee Homes sold the commercial parcels (which included a Walgreen’s and related commercial tenants) at the end of 2004. Financing for the project was provided by Alliance Bank.
BEAU MONDE, HOLLYWOOD HILLS
Lee Homes and Patriot Homes have completed 23 single-family homes in the Hollywood Hills area of Los Angeles. The homes range in size from 2,800 to 3,400 square feet with views of the Hollywood sign and Downtown L.A. The homes were priced from $1,700,000 and were completed in Winter 2004.
PEPPER TREE LANE, ROLLING HILLS ESTATES
Together with Metropolitan Development, Lee Homes constructed 34 single family detached homes and a small commercial building on 5- acres at Hawthorne Boulevard and Crest Road on the Palos Verdes Peninsula. The homes, targeted to empty nester, move-down buyers, range in size from 2,275 to 2,475 square feet and were priced from the mid-$700,000’s to the low-$800,000s. (Peppertree Lane homes were the only new homes being built on the Palos Verdes Peninsula for under $2,000,000.) Construction begin in October 2001 and was completed in June 2003. Equity financing was provided by Lennar Partners with construction financing provided by Comerica.
VISTA DEL RIO, CITIES OF BELL GARDENS/COMMERCE
Lee Homes, in partnership with Braemar Urban Ventures and the non-profit TELACU Development Corporation, developed a 10-acre parcel for 102 single-family detached units. The homes range in size from approx. 1,400 to 1,700 square feet. Half of the 102 units were sold to low and moderate-income families. The initial 49 homes were approved by the City of Commerce Redevelopment Agency in November 1999 with the remaining 53 homes being approved by the City of Bell Gardens in December 1999. Construction on both components of the project was completed in Summer 2003.
SILVER STRAND/VENICE, MARINA PENINSULA
Lee Homes constructed a series of 47 new custom homes in the upscale Silver Strand/Del Rey Beach area of Marina Del Rey and the Venice Canals. The homes vary in size from 3,800 to 6,900 square feet, with sale prices ranging from $875,000-$3,000,000. Over the last 4 years, Lee Homes has closed escrow on 39 homes in the Silver Strand/Venice area - with two homes on Venice Beach averaging $3 million in sales price in 2002. The final 6 homes developed by Lee Homes, located on Grand Canal on the Marina Peninsula, were started in September, 2001 and completed in Summer 2002.
THE ROYAL LAUNDRY, CITY OF PASADENA
Lee Homes, in partnership with Lexington Commercial Holdings, Inc., recently completed construction on a 74,000 square foot creative office campus. The adaptive reuse of this former commercial laundry facility constituted a complete renovation of 3 historic buildings including the Kaufman Building by architect Gordon Kaufman (designer of the L.A. Times building, Santa Anita Racetrack and several other significant buildings in Southern California.)
The site has been designated on the National Registry of Historic Places by the National Park Service and was renovated according to the standards of the State Office of Historic Preservation in order to quality for a 20 percent federal rehabilitation tax credit. Included in the adaptive reuse of the structure was the construction of a 200-space, above-ground parking structure. The development cost approx. $12 million. The facility is currently under contract and will house a future large scale retail tenant.
WILLOWBROOK, UNINCORPORATED L.A. COUNTY
Lee Homes in partnership with FannieMae’s American Community Fund and Century Housing Corporation will be building 34 new homes adjacent to the Martin Luther King/Drew Medical Center. The two-story homes vary in size from 1,400 to 1,700 square feet and are situated on 3,000 square foot lots. The home prices range was between approx. $183,000 to $201,000. The project, approved under DDA with the L.A. County Board of Supervisors in August 1999, began in October 2001 and was completed in Spring 2003. All of the homes were sold to low- and moderate-income families with the L.A. County providing silent seconds and Industry funds.
EL MONTE VILLAGE, CITY OF EL MONTE
Lee Homes, in partnership with TELACU, were chosen through an RFP to develop 35 detached units on a 3.5 acre site adjacent to the El Monte Valley Mall. The homes, which range in size from 1,400 to 1,700 square feet, were sold between $199,000 to $215,000. The project, approved under DDA with the City of El Monte in September, and all entitlements were approved in September 2000 and construction started in June, 2001. FannieMae provided the equity and United Commercial Bank will be provided the construction financing for the project. The project was completed in Fall 2002.
BRENTWOOD VILLAGE, CITY OF GARDEN GROVE
Based on the success of Rosewood Village in Garden Grove (see below), the Garden Grove Community Development Department once again chose Lee Homes to develop an additional 65 homes, ranging from 1,225 to 1,456 square feet, across the street from Rosewood Village. In partnership with FannieMae American Communities Fund, Brentwood Village was based on the design of The Village at Signal Hill, also developed by Lee Homes, with 20-percent of the units targeted at first-time homebuyers with incomes unders 120-percent of median income. Construction began in July 2000 with units being delivered in December 2001.
VILLAGE GREEN, CITIES OF L.A. & SAN FERNANDO
Village Green consists of 77 for-sale, single-family detached homes on 3,000 square foot lots built around a 27,000 square foot community park and adjacent to the Sylmar/San Fernando Metrolink Station, Transit Center and Childcare facility. The average sales price was $159,000 to $207,000 for units ranging from 1,400 to 1,700 square feet. In order to increase affordability, Century Housing Corporation, which provided the construction loan, refunded a portion of the construction interest for qualified low and moderate-income families. Village Green was completed in June, 2001.
THE CLASSICS AT HERITAGE PARK, CULVER CITY
In April 1997, Lee Homes in partnership with Braemar Urban Ventures and the Educational Resource and Service (ERAS) Center, a non-profit private school serving physically and emotionally challenged children as well as at-risk youth, was selected by the Culver City Redevelopment Agency to develop a 9-acre former Drive-in Movie Theater site. Lee Homes and Braemar Urban Ventures constructed 57 homes, that range in price from $359,000 to $519,000; a small park and a new 40,000 square foot ERAS Center and recreation field. Construction began in September 1998 with units being delivered in Summer 2000.
EMERALD VILLAS, CITY OF CERRITOS
In February 1997, Lee Homes in partnership with Goldrich & Kest was chosen to develop 126 senior for-sale units for very-low, low and moderate-income seniors. The development consisted of 9, fourteen-plex buildings with direct access from each garage to individual units. The City of Cerritos contributed the land and waived most development fees which allowed the units to range in price from $57,000 to $128,000. Emerald Villas was the first residential redevelopment project in the City of Cerritos. Construction of the homes was completed in March 2000.
SANTA FE VILLAGE, CITY OF HUNTINGTON PARK
This 17 unit single-family detached development was purchased from the Huntington Park Redevelopment Agency. The homes ranged in size from 1,400 to 1,700 square feet, had 4 bedrooms and sold from $175,000 to $186,000. Construction began in July 1998 and was completed in March 1999. Buyers received SCHFA bonds and four low-income families received $35,000 silent seconds from the County of Los Angeles Industry Funds. Foothill Independent Bank provided construction financing for the project.
EMERALD VILLAGE, CITY OF LYNWOOD
Located on Atlantic Boulevard in Lynwood, this 3.5 acre, 65-unit detached for-sale home development was the largest for-sale residential redevelopment project ever undertaken by that city. The community was designed as a gated-community with common open space, tot lots and a recreation area. The units range in size from 1,445-1,631 square feet and were priced from approx. $146,000 to $173,000. The City provided land write down assistance with federal Home Funds with Century Housing Corporation and the L.A. County Community Development Commissions providing $800,000 in silent seconds for qualified buyers. Construction began in Fall 1996 with units being delivered in May 1999. Shinhan Engineering and Construction Company of America (SECA) Inc. provided equity financing. Construction financing was provided by First State Bank of Southern California.
As part of the development, Lee Homes in partnership with the City, developed an innovative Youthbuild program where local Lynwood youth from the city’s job program were exposed to the various aspects of the housing development business. The program culminated with on-site “mini-jobs” for the young people employing as many as 100 local young people over the course of the development.
THE VILLAGE, CITIES OF SIGNAL HILL/LONG BEACH
In April 1995, Lee Homes was selected by the Signal Hill Redevelopment Agency to redevelop a blighted motel, liquor store, vacant commercial center and former railroad right-of-way. The development, Signal Hills’ first residential redevelopment project, consisted of 52 single-family homes on 3.5 acres on Pacific Coast Highway. The units range in size from 1,160-1,475 square feet and were priced from $149,950 to $175,000. In addition to providing land write down assistance, the City of Signal Hill pledged silent second assistance to first-time homebuyers through their Home Equity Loan Program – H.E.L.P. Construction began on the infrastructure in March 1997 with units being completed in February 1999. Shinhan Engineering and Construction of Seoul, Korea provided the equity financing, with construction financing being provided by Foothill Independent Bank.
VENICE RENAISSANCE, CITY OF LOS ANGELES
Described by former L.A. Mayor Tom Bradley as “a miracle”, The Venice Renaissance has been dubbed, and is still thought of, as a model for mixed-use residential and retail in Southern California’s. Located on Main Street in Venice, the 4-story Mediterranean style structure mixes affordable senior and handicapped rental housing with for-sale ocean view condominiums and ground floor retail.
Venice Renaissance has a 25,061 leaseable square feet of retail, with rents ranging from $2.50 to $3.00 per square foot. The 66 condominiums, which average 1,383 square feet, ranged in price from $240,000 to $509,000. The 23 affordable senior rental units, initially rented for $100 to $300 a month. Venice Renaissance also provides affordable monthly parking for over 100 neighboring residents who do not have any parking in their own buildings and 79 beach access parking spaces for weekends. Chase Manhattan Bank provided construction financing with Continental Illinois National Bank providing Miniperm financing.
The Venice Renaissance (while not required by the City of Los Angeles) was one of the first developments to implement a 1% public art program. The Jonathan Borofsky “Ballerina Clown” has become a focal point in Venice and has been featured in many television commercials, movies and ads to attract visitors to L.A.
CROSSROADS, CITY OF INGLEWOOD
The Inglewood Redevelopment Agency chose Lee Homes over 14 other developers in a RFP competition in 1984 for a 4.5 acre, urban renewal, infill project within walking distance of the Great Western Forum in Inglewood. . The $23.5 million Crossroads development consisted of 176 condo/townhomes, with an average sales price of $133,000. Of those 176 units, 35 were reserved for low and moderate-income families with income and resale restrictions at an average price of $106,000. Crossroads received the 1990 Construction was completed in 1991. Wells Fargo and Continental Illinois National Bank provided construction financing. Builder Magazine Project of the Year from the National Association of Home Builders at the Builders Choice Awards and other numerous awards.
OCEAN FRONT WALK, VENICE/SANTA MONICA
Ocean Front Walk is a luxury beachfront townhome project located on the Venice/Santa Monica border. The development consists of ten 3,200 square foot duplexes ranging in price from $825,000 to $1,388,000. Construction was completed in Fall 1993. City National Bank provided construction financing.
One of the units was chosen to be “The Venice Art House,” and furnished with contemporary art by the Gallery of Functional Art and leading Venice artists and galleries.
LA QUINTA COVE, CITY OF LA QUINTA
In 1993, construction began on ten, 1,696 sq. ft. single-family homes in La Quinta Cove, on scattered lots designed by Barry A. Berkus, AIA. The average sales price was $120,000. Construction was completed in November 1993. Construction financing was provided by Palm Springs Savings Bank.
THE RIDGE, CITY OF CALABASAS
Located in Calabasas, The Ridge consists of 56 lots with pads ranging from 9,000 to 22,000 square feet. Twenty-four lots were sold at prices ranging from approx. $250,000 to $590,000 with the remaining homes sold at prices ranging from $700,000 to $1,300,000. The Ridge was completed in December 1993. Goldrich and Kest provided equity financing. Security Pacific Bank, City National Bank and Westside Bank provided construction financing.
SOUTHRIDGE, CITY OF CALABASAS
Southridge was a $20 million, 160 custom lot project, which required grading 2 million yards of dirt. It was completed in February 1988, and sold as graded lots to Griffin Homes. Continental Bank provided construction financing.
WESTRIDGE, CITY OF CALABASAS
Westridge is a $66 million, 112-home project nestled in the hills of Calabasas Park. This gated-community overlooks the San Fernando Valley, Calabasas Golf Course, and Calabasas Park. Approximately 2.5 million yards of dirt were moved to create the finished pad sizes of 8,000 to 20,000 square feet. The homes, designed by architect William R. Pauli, range in sizefrom 3,350 square feet to 4,850 square feet, and were priced from $408,000 to $1,200,000. Westridge was completed in Summer 1989. Wells Fargo Bank provided construction financing.
CREEKSIDE, CITY OF CALABASAS
Creekside, a 95-unit zero-lot line development featuring single family homes, townhomes and duplexes was built, completed and sold from 1984-1986. The units averaged 2,000 sq. ft. and were sold for $265,000. Construction financing by Valley Federal Savings and Loan.
SILVER STRAND I, II & III, MARINA DEL REY
The Silver Strand was an award winning development consisting of 22 lots with 4,000 sq. ft. homes in Marina Del Rey. Sales prices averaged $700,000. Construction was completed in 1987. Commonwealth Bank and Bel Air Savings and Loan provided construction financing.
DEL REY LAGOON, MARINA DEL REY
Del Rey Lagoon Phase II was a $6 million project located in the Silver Strand. The project consists of 10 finished lots each averaging 4,000 square feet. The average sales price was approx. $600,000. Acquisition and development financing was provided by Executive Savings and Loan.
RIO DEL SOL, CATHEDRAL CITY
Lee Homes was invited to be the developer with Wessman Development, a prominent commercial developer in the Coachella Valley, to develop the remaining 288 single-family homes at Rio Del Sol, a master-planned, guard-gated community predominantly for active seniors. The project had four floor plans ranging from 1,420 to 1,923 sq. ft. ranging in price from $109,000 to $147,000. Construction began in November 1993. Republic Bank and CWM MORTGAGE HOLDINGS, INC provided the construction financing.
FOOTHILL VILLAGE, CITY OF AZUSA
Lee Homes signed a Disposition and Development Agreement with the City of Azusa on 5.4 acres at Foothill and San Gabriel Avenue for 41 affordable single-family homes in a gated community in July 1993. The 1,100-1,600 sq. ft., two to four bedroom homes are priced from $131,000 to $174,000 (affordable to families at or below 120% of Los Angeles County Median Income). The City of Azusa provided 0% interest rate silent-second mortgages for 10 to 15 percent of the sales price to 26 of the 41 buyers. Construction began in May 1995 with the last escrow closing in Winter 1996. Foothill Independent Bank provided construction financing and a private individual provided equity financing.
ROSEWOOD VILLAGE, CITY OF GARDEN GROVE
In August 1993, Lee Homes was selected by The City of Garden Grove for an Exclusive Right to Negotiate a Disposition and Development Agreement on 6.2 acres for a 106-unit multifamily development. The development was redesigned to meet changing market conditions as 103 single-family homes and was approved by the City Council in May 1995. Sales prices of the 1,290-1,600 square foot, two to four bedroom homes are priced from $149,000 to $194,000. Thirty percent of the homebuyers were eligible for City of Garden Grove Mortgage Assistance Program, zero-interest loans up to 10% of the purchase price and Mortgage Credit Certificates. Project amenities include pool, spa and tot lots. Phase I, including four models, opened in June 1996 with the sixth and last phase beginning construction in March 1998. As of April 1998, all 103 homes have been sold. Construction was complete in July 1998. Construction began in October 1995 with the project being completed in March 1998. Korea-based Shinhan Engineering and Construction Company of America (SECA) Inc., one of the largest engineering and construction companies in Korea selected Lee Homes for their first equity joint venture in the United States. Imperial Bank provided construction financing.
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