{"id":1004046528,"date":"2012-09-13T13:15:36","date_gmt":"2012-09-13T21:15:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004046528"},"modified":"2022-12-09T01:04:56","modified_gmt":"2022-12-09T09:04:56","slug":"work-commences-on-300-unit-apartment-community-in-orange-county","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/work-commences-on-300-unit-apartment-community-in-orange-county\/","title":{"rendered":"Work Commences on 300-Unit Apartment Community in Orange County"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004046530\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/work-commences-on-300-unit-apartment-community-in-orange-county\/the-marke-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg\" data-orig-size=\"1650,944\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"The Marke &#8211; 2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg?w=1024\" class=\"alignleft  wp-image-1004046530\" title=\"The Marke - 2\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg\" alt=\"\" width=\"380\" height=\"217\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg 1650w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg?resize=300,172 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg?resize=768,439 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg?resize=1024,586 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/The-Marke-2.jpg?resize=1536,879 1536w\" sizes=\"auto, (max-width: 380px) 100vw, 380px\" \/><\/a><\/p>\n<p>In California, Orange County&#8217;s apartment market will soon grow by 300 units, now that Lyon Communities has kicked off construction on The Marke @ South Coast Metro, a luxury property in Santa Ana. Lyon is developing the project in partnership with Integral Communities.<\/p>\n<p>The Marke will occupy nearly 4.5 acres and, within a cluster of four- and five-story buildings designed by COE Architecture International, offer a host of amenities designed to appeal to renters seeking higher-end accommodations. There will also be 2,300 square feet of retail space and a 660-space parking facility.<\/p>\n<p>It&#8217;s a project that will sprout up in the right place at the right time. The Marke will help feed a market that is hungry, and growing hungrier, for apartments. It is employment that&#8217;s spurring demand in Orange County.<\/p>\n<p>&#8220;Broad-based job gains across most sectors have ignited household formation, improving vacancy rates in both high-end and lower-tier apartments, and across nearly every submarket,&#8221; as noted in a report by Marcus &amp; Millichap Real Estate Investment Services. &#8220;Demand for top-tier apartments remains strong as more high-paying jobs are created in the county.&#8221;<\/p>\n<p>In the second quarter, the vacancy rate for Class A properties in Orange County dropped to 4 percent, marking an 11-quarter decline. The Santa Ana submarket fared even better with a vacancy rate of just 2.2 percent.<\/p>\n<p>The lending community is evidently keen on The Marke. Commercial real estate services firm HFF arranged financing totaling $22.8 million for the development.<\/p>\n<p>&#8220;The mezzanine and construction debt financing arranged by HFF provided a full capital stack solution for this development financing request at a very competitive yield structure, especially as compared to JV equity,&#8221; said Mark Erland, director with HFF.<\/p>\n<p>Bank of America Merrill Lynch, California Bank &amp; Trust, Comerica and Pearlmark Mezzanine Realty Partners III L.L.C have all committed financing for the apartment community.<\/p>\n<p>Tilden-Coil Constructors is the general contractor for The Marke, which is on schedule to make its debut in 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lyon Communities, in partnership with Integral Communities, has started construction on The Marke @ South Coast Metro, a luxury property in Santa Ana that will occupy 4.5 acres. <\/p>\n","protected":false},"author":969,"featured_media":1004046530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,21742,21749,15],"tags":[],"class_list":["post-1004046528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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