What's Happening?
Walker & Dunlop has arranged a $160 million loan for the development of Cotino, a master planned community in Rancho Mirage, California. The project, part of Disney's Storyliving initiative, will feature approximately 1,900 residential units, a 24-acre lagoon, a private club, and a town center. The financing includes a $27 million re-advance component, bringing total proceeds to $187 million. The community aims to blend lifestyle amenities with award-winning homebuilders, capitalizing on the natural beauty and proximity to Palm Springs.
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Why It's Important?
This development represents a significant investment in the Coachella Valley, potentially boosting local real estate and tourism sectors. The project aligns with broader trends in master planned communities that offer integrated living experiences. Walker & Dunlop's involvement underscores its role as a leading provider of capital in the U.S. multifamily market. The community's unique offerings could attract new residents and visitors, enhancing economic activity in the region.
What's Next?
Construction financing will support the completion of the first phase of Cotino. As the project progresses, it may influence similar developments in other regions, promoting innovative community designs. The success of Cotino could encourage further investment in the Coachella Valley, potentially leading to additional residential and commercial projects.
