Fremont, Lehman Lend $247Mln for Calif. Condo Project

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Fremont Investment and Loan has provided a $215 million construction loan for Skyline at MacArthur Place, a proposed 349-unit residential condominium complex in Santa Ana, Calif., just outside Los Angeles.

Fremont's loan, as well as a $32 million mezzanine loan from Lehman Brothers, was arranged by Buchanan Street Partners.

The $247 million in financing will allow Nexus Cos. to construct what will be the tallest residential property in Orange County. The property will be comprised of two 25-story buildings and is slated for completion in early 2008. Units are expected to be priced from $500,000 apiece to more than $2 million.