Alex Hwang, FVP, Co-Team Manager for Corporate Commercial Real Estate & Construction Loans, was delighted to grab a shovel and participate in the April 21 groundbreaking ceremony for Eagle Villas, a 96-unit affordable seniors’ community in Hesperia. Cathay Bank and the Federal Home Loan Bank provided letters of credit to back the $12 million in taxable bonds issued to help finance the construction, which is also being supported by a residual receipts loan from San Bernardino County.
“We at Cathay Bank are excited to support San Bernardino County and Eagle Real Estate Group’s vision to provide affordable housing for our seniors,” Kirk Malmrose, EVP and Director of Commercial Real Estate and Construction Lending, said. “We hope to continue collaboration in future developments that will benefit the community.”
Eagle Villas will provide resort-style housing for low- and moderate-income seniors. The gated community will feature amenities imparting a strong sense of community, including a lap pool, jacuzzi, barbeques, outdoor seating, raised bed planters for gardening, and a dog park. All homes will have full-size washers and dryers, refrigerators, microwaves, private patios/balconies, and ceiling fans.
This article does not constitute legal, accounting or other professional advice. Although the information contained herein is intended to be accurate, Cathay Bank does not assume liability for loss or damage due to reliance on such information.