News Summary
Walker & Dunlop has arranged a significant $160 million loan for the development of the Cotino Community in Rancho Mirage, California. This master-planned community, branded as Storyliving by Disney, aims to provide 1,900 residential units complemented by a stunning 24-acre lagoon and a range of amenities. The financing package, which includes a $27 million re-advance component, is set to facilitate construction and enhance the living experience for future residents. With a focus on quality living and leisure, Cotino aims to attract families and individuals seeking an engaging lifestyle in the Coachella Valley.
Walker & Dunlop Facilitates $160 Million Loan for Disney-Inspired Cotino Community
Walker & Dunlop, Inc. has successfully arranged a substantial loan of $160 million for an ambitious master-planned community located in Rancho Mirage, nestled in the scenic Coachella Valley. This financing initiative is part of the development of ‘Cotino,’ which is branded as a Storyliving by Disney Community and is expected to significantly enhance residential living in the area.
The $160 million loan involves a unique $27 million re-advance component, bringing the total financing package to $187 million. This funding is primarily focused on facilitating the construction of the first phase of the Cotino community, which promises to deliver a wide array of residential options and recreational activities for future residents.
Team Behind the Financing
The financing was managed by Walker & Dunlop’s Capital Markets team, showcasing the expertise of industry professionals including Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, and Christopher de Raet. This diverse team provided valuable advisory support for the borrower, which is identified as EC Rancho Mirage Holdings Limited Partnership and its affiliated entities.
About the Cotino Community
The Cotino community is designed to encompass approximately 1,900 residential units. One of its standout features will be a stunning 24-acre lagoon, constructed using state-of-the-art Crystal Lagoons technology. This innovative element is expected to serve as a centerpiece for leisure and recreation, elevating the living experience for residents of all ages.
In addition to the remarkable lagoon, Cotino will offer a voluntary private club, a bustling town center, and a plethora of other amenities aimed at enhancing the lifestyle of its inhabitants. The foresight behind this community aims to create an enriching environment where residents can thrive socially and recreationally.
Significance of the Project
The financing for Cotino underscores a significant investment in quality living spaces that cater to the needs and desires of contemporary residents. The project aims to carve out a unique niche in the real estate market by combining luxury living with leisure-focused features reminiscent of Disney’s signature storytelling. Such developments not only contribute to the local economy but also enhance the community appeal within Rancho Mirage.
Conclusion
The arrangement of this $160 million loan sets the stage for what could potentially be a transformative community in the Coachella Valley. With an array of appealing amenities and a solid financing foundation in place, the Cotino community looks poised to become a sought-after destination for homebuyers and families seeking an engaging lifestyle. The ongoing development promises to showcase the innovative spirit that characterizes projects with the Disney influence, ensuring that future residents can enjoy a truly unique living experience.
Deeper Dive: News & Info About This Topic
Additional Resources
- PR Newswire
- Wikipedia: Rancho Mirage
- Forbes
- Google Search: Cotino Community
- Glassdoor: Walker & Dunlop
- Encyclopedia Britannica: Disney
Author: Construction FL News
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