Crescent Heights Lands $210M to Convert Santa Ana Apartments Into Orange County's Tallest Residential Towers

Developer Crescent Heights has secured a $210 million condominium inventory loan to fuel the conversion of a recently purchased apartment complex in Santa Ana, Calif., into what will become Orange County's tallest residential development.

According to Commercial Observer, private credit firm Centerbridge Partners supplied the financing for the project, known as Skyline OC. The property consists of 349 for-sale condominiums spread across two 25-story towers.

Key Details

Crescent Heights acquired the property at 15 MacArthur Place for $240 million from Essex Property Trust in early 2025. The complex was originally built in 2010 as a multifamily rental community. The developer is now in the process of converting the former apartment units into individually owned condominiums.

The Newmark team that arranged the debt financing included Jordan Roeschlaub, Nick Scribani, Ricky Braha, and Holden Witkoff.

Ricky Braha, a senior managing director at Newmark, emphasized the significance of the transaction in a statement.

"The financing reflects strong lender conviction in both the quality of the asset and Crescent Heights' proven track record of delivering landmark residential developments across the country," Braha said.

Situated 38 miles southeast of Downtown Los Angeles, Skyline OC offers residents a range of amenities. These include a swimming pool, a fitness center, coworking space, a pickleball court, and a golf practice green.

Neither Centerbridge Partners nor Crescent Heights returned requests for comment from the publication.

Why It Matters

The deal underscores continued appetite among alternative lenders for well-sponsored residential conversion projects in desirable California markets. Condominium inventory loans have become an increasingly important tool for developers looking to transition rental properties into for-sale product, particularly in regions where for-sale housing demand remains robust.

For commercial real estate professionals, the transaction highlights several trends worth watching. First, it demonstrates that institutional capital providers like Centerbridge see compelling risk-adjusted returns in condo conversion strategies, even amid broader uncertainty in the capital markets. Second, the involvement of a major developer like Crescent Heights — known for large-scale residential projects nationally — signals confidence in Orange County's for-sale residential sector specifically. Finally, deals like this often serve as a barometer for lender sentiment toward residential conversions more broadly, potentially opening the door for similar financing structures in other high-growth metropolitan areas across the country.