IRVINE — The first-phase plans for the development of nearly 5,000 homes and 1.2 million square feet of commercial space to ring around the Orange County Great Park was submitted to the city by project officials this week.
Five Point Communities LLC, the development manager of Great Park Neighborhoods, announced that the formerly stalled project would be moving forward with land-grading and infrastructure to begin as early as the end of this year.
The announcement comes in the wake of a $400-million recapitalization in new cash and credit signed by a new lender, Boston-based State Street Bank & Trust Co.
Under the agreement, Lehman Brothers Holding Inc., which formerly held the loan, wrote down debt on the development from $625 million to $210 million and State Street provided a $180-million line of credit. Additionally, about $200 million in fresh capital was invested by Lennar Corp., LNR Property LLC, Rockpoint Group LLC and MSD Capital LP.