GARDEN GROVE : Bond Sale Approved for Area Renewal
The city’s Housing Authority has approved terms of a $20-million bond sale to help a developer renovate the Rose Garden apartment complex and several apartment buildings on Stuart Drive.
The authority will issue the bonds, and the developer, Bertram Partners of Laguna Niguel, will remodel the 144-unit Rose Garden property at 8551 Westminster Ave.
Analysts at underwriter Smith Barney, Harris, Upham & Co. and financial advisers at Westhoff, Cone and Holmstead are finishing an analysis so that the bonds can be rated, said Susan Evans, director of the city’s Housing Authority.
The bonds will likely be sold by the end of November, she said, and work on the properties will begin by the first of the year.
Bertram Partners will buy the properties and use them as collateral for the bonds, Councilman Mark Leyes said.
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