New affordable housing is coming to a site near the interchange of the SR-22 and SR-55 freeways in Orange County.
Last week, Safehold, Inc. announced that it has closed on a ground lease for the construction of The Orion, a 166-unit development which will cater to seniors in the City of Range. The project will be developed by USA Properties Fund.
"We are very excited to establish a relationship with the USAP team, and look forward to a successful project," said Safehold executive vice president Steve Wylder in a news release. "Safehold's platform provides long-term, highly accretive capital, and we are thrilled to play a role in creating much-needed affordable housing with this high-quality development."
1800 E. La Veta AvenueGoogle Maps
A rendering portrays The Orion as a contemporary four-story building painted orange, white, and grey.
The project site is located at 1800 E. La Veta Avenue, according to loan documents approved last year by the Orange County Board of Supervisors. Riverside Charitable Corporation is also partnering on the project, according to the documents.
Both USA Properties Fund and Riverside Charitable Corporation have a track record building affordable housing in Southern California, previously backing projects in Panorama City and Irvine, respectively.
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