60-foot sculpture ‘Mercury Falling’ installed atop Irvine apartments – Orange County Register

Next time you’re on the corner of Jamboree and Maine in Irvine, look up.

Yes, you may see planes with landing gear coasting toward nearby John Wayne Airport.

Skyloft Apartments recently installed “Mercury Falling,” a 60-foot tall sculpture that appears to pour a glowing liquid from the top of the building’s roof onto the ground below.

Laguna Beach artist Jorg Dubin’s work was commissioned by Sanderson J. Ray Development, owner of Skylofts.

“The architecture of the building is so contemporary and edgy that it acts as a foil to the angular building, giving it a much-needed softness by reflecting nature and the surrounding sky, giving it a more organic feel.” We need stuff,” says Dubin. “Mercury Falling is the result of many iterations of design. “

The six-story Skyloft opened in late 2019 and features 388 studios, one-, two- and three-bedroom apartments priced from $3,308 to $7,706 per month.

The apartments are built by Streetlights Residential, designed by Architects Orange (AO) and professionally managed by Legacy Partners.

PEF Purchases 55+ Complexes in Washington

Irvine-based Preservation Equity Fund Advisors has purchased Rainier Vista, an affordable multifamily home in Pacific, Washington.

Terms of the acquisition were not disclosed.

The private equity firm, which specializes in buying and maintaining affordable homes, has taken on deferred maintenance including roofing, window repairs, wood replacement and painting, and flooring, painting and furniture upholstery upgrades in common areas. I’ll work on that next. Each unit also has a water-saving toilet.

Developed in 2003 using the low-income housing tax credit, Rainier Vista has one three-story building with 75 affordable homes for seniors aged 55 and over. Unit combinations are divided. There are 57 one-bedroom units and 18 two-bedroom units. The complex has 20 units rented at 30% of regional median income, 25 units rented at 50% AMI, and 5 units rented at 60% AMI. The remaining 25 units will be rented at market rates.

According to PEF, the property is almost fully occupied.

Other amenities include a clubhouse, library, fitness center, salon, elevator service, three on-site laundry facilities, knitting room, courtyard community garden, and BBQ area. Unit amenities include refrigerator, self-cleaning oven, microwave, dishwasher, garbage disposal, and additional storage lockers per unit.

“PEF Advisors continues to grapple with the serious problem of sustained demand and declining supply of affordable housing, which is causing too many families, seniors and veterans to find affordable housing. You won’t be able to find a choice PEF Advisor Officers.

BMH funds Washington’s development

Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners in Newport Beach, has provided Harbor Custom Development with a $39 million construction loan to complete a 177-unit garden-style multifamily home in Lacey, Washington. rice field. / Tacoma area.

Once the project is complete, there will be a mix of studio, one and two bedroom units.

“BMH is pleased to announce our partnership with Harbor Custom Developments on this multifamily development that combines our construction financing expertise with our sponsor’s innovative approach to real estate development.

Management Shuffle in Rancho MV

Rancho Mission Viejo has made a number of executive changes at its land management and development company, including the appointment of a new president.

Jeremy Laster was promoted to that position and Elise Millington was promoted to Chief Operating Officer in addition to her role as Chief Financial Officer.

Donald L. Vodla, who has been with the company for 27 years and was its former president, is now vice chairman of the board.

“Over the past few years, we have worked hard to identify and transition the next generation of leadership at Ranch,” said RMV Chairman and CEO Tony Moiso in a statement.

Vodra “will continue to provide advice during the transition period and guide strategic planning, investment management and risk management at the board level,” the company said.

Joined in 2001, Luster is responsible for the day-to-day management of all Rancho Mission Viejo projects, including community development through large-scale master plans, land management in the Rancho Mission Viejo Nature Reserve, ranch and agriculture, and commercial facilities. . and investment. Laster participated in Rancho Mission Viejo.

Millington joined Rancho Mission Viejo’s leadership team in 2004 as Vice President of Finance. She was promoted to Senior VP and CFO in 2014 and to Executive VP in 2019.