Santa Ana, Calif. (October 21, 2020) – Berkadia today announced that it has secured a joint venture equity partner for Legacy Partners (“Legacy”) to build 651 Sunflower in Santa Ana, California. The five-story, 263,754-square-foot community features a mix of 226 studios and one- and two-bedroom residences located at 651 Sunflower Avenue in the heart of South Coast Metro.
Berkadia’s Joint Venture Equity and Structured Capital Group, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, delivered DWS as the capital partner. DWS provided joint venture equity, as well as the construction loan.
“Our team was excited to be engaged by an extremely experienced developer in Legacy Partners,” said Bhatt. “Once DWS engaged with us and our client, they worked with us in earnest to find solutions to hurdles that came up and closed this deal during a very difficult time.”
“651 Sunflower is Legacy’s newest development in the area following our successful opening and leaseup of 580 Anton, which is located nearby,” said Tim O’Brien, Senior Managing Director at Legacy. “South Coast Metro is highly desirable not only for the sought-after retail and entertainment options at South Coast Plaza, but also for its proximity to the ocean which is a mere ten minutes away, and the Segerstrom Arts Center which includes the forthcoming Orange County Arts Museum. We look forward to 651 Sunflower experiencing the same kind of demand that made 580 Anton an immediate hit.”
Designed by Orange County-based TCA Architects, 651 Sunflower will have a coworking lounge with private offices, a dog park and washing station, three large courtyards with a pool, spa, and water features, and two rooftop decks. All residences have balconies – a unique feature for apartment communities in the area – and the community is only two blocks from the I-405/SR-55 intersection, which provides ease of access to Costa Mesa, Newport Beach, and Irvine.
The community is expected to deliver in early 2023.
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