Property
Cottages at Mission Trail is a 143-unit affordable family property located in Lake Elsinore, California.
Financing
$21,100,000 fixed rate tax-exempt bond financing and $3,170,000 of fixed rate taxable bond financing providing new construction and permanent loan capital.
Description
Red Stone purchased $24,270,000 of tax-exempt and taxable bonds used to construct Cottages at Mission Trail. The property is located approximately 14 miles northwest of Temecula. Red Stone was able to provide bond financing secured by both the Property and by Tax Increment Financing revenue awarded the Property from the City of Lake Elsinore.