An adaptive reuse project is set to transform offices into housing near the MainPlace shopping mall in Santa Ana, Walker & Dunlop announced yesterday.

Walker & Dunlop's capital markets team has arranged a $41-million loan for Core Development Group to convert the existing 12-story, 116,000-square-foot structure at 2700 Main Street into housing. Plans call for 158 one- and two-bedroom homes, as well as 7,750 square feet of ground-floor commercial space.

"We’re thrilled to have helped arrange the financing for Core Development Group’s transformative redevelopment of 2700 Main," said Walker & Dunlop director Steven Paskover in a news release. "This financing allows for the conversion of an underutilized office asset into much-needed Class A housing in the heart of Santa Ana. With its prime location, sweeping views, and exceptional design, 2700 Main is set to become a premier residential community within one of Orange County’s most vibrant and evolving corridors.”

2700 Main StreetGoogle Maps

An international bank provided the floating rate, interest-only loan, according to Paskover, who added that the conversion of the building is to be converted by 2027.

Other aging office buildings in Santa Ana have also been pitched for redevelopment with housing - albeit not necessarily through adaptive reuse. Meritage Homes recently acquired a property at 2020 E. 1st Street with the intention of razing and redeveloping an existing 1980s office building with 86 townhomes.

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