Banks Give REIT $150-Million Line of Credit
NEWPORT BEACH — Irvine Apartment Communities, a real estate investment trust, has obtained a $150-million credit line from a group of banks to fund construction of five new apartment projects in Orange County.
“It’s a sign that banks’ confidence is back. This is good news for the economy,†said Richard E. Moran, executive vice president with Irvine Apartment Communities in Newport Beach.
The new apartment complexes, one of which is already under construction, will add 2,200 apartments to the company’s portfolio. Three buildings will be located in Irvine, one in Tustin and one in the upscale Newport Coast development.
The Irvine Co., Orange County’s largest landowner, spun off its apartment properties last year to create the Irvine Apartment Communities REIT in a $200-million public stock offering. The REIT portfolio currently includes 43 apartment complexes with more than 11,300 apartments.
Earlier this year, the company obtained a $50-million credit line from the same group of banks.
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