DALLAS--(Stratford Land has provided a $10 million non-recourse loan to Gray Development to support its development plans for Blue Sky, a 440-unit multifamily project that will occupy a full city block in downtown San Diego, California. The loan from Stratford Land provides the developer a bridge to construction financing for the project, which has a late 2012 target date for initiation of construction.)--
“We are pleased to be able to support this strong sponsor in its plans to get the exciting Blue Sky development underway in the center of San Diego, a real estate market in which we hope to become more active.”
Gray Development has owned the land since 2004 and will provide more development details for the project nearer to its groundbreaking.
Gina Norris, Stratford Land’s president of lending, said, “We are pleased to be able to support this strong sponsor in its plans to get the exciting Blue Sky development underway in the center of San Diego, a real estate market in which we hope to become more active.”
The Blue Sky loan is Stratford Land’s second in southern California, following Stratford’s refinance of a 42-acre infill parcel in PGA West in La Quinta, California. Stratford Land provides non-recourse financing for a variety of real estate purposes including acquisition, refinancing, return of equity, and note purchase.
About Stratford Land
Stratford Land announced in February 2011 its partnership with The Corky McMillin Companies in the ownership of Millenia in Chula Vista, California. Stratford controls more than 21,230 acres through four private equity funds. Stratford Land’s Fund IV was initiated in 2010 for equity and debt investments in land and for lending.
Stratford Land has 25 years of successful land investment management on behalf of institutional investors. Based in Dallas, Texas, the fund focuses on acquiring properties in high-growth, Sunbelt corridors. Regional offices are currently located in Atlanta, Jacksonville and Phoenix. www.stratfordland.com
About Gray Development L.L.C.
Founded in 1991 by Bruce Gray, Gray is a fully-integrated real estate development company, including architecture, construction and property management. Gray has been recognized ten of the past twelve years as Arizona’s top-ranked multifamily developer, building and operating innovative, high-quality apartment communities throughout metropolitan Phoenix. Gray has expanded to California, and has plans to expand to other western states. Gray has developed nearly 8,000 apartments, currently manages 1,600 units and has 1,500 units in development. For more information on Gray, visit http://www.grayus.com/ or call 602-954-0109.