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construction of two multifamily housing projects in Riverside
County. SBE was a California corporation founded in the early
1970's by Craig K. Etchegoyen, who was its chief executive
officer and president. One of these projects was the Whitewater
Garden Apartments (Whitewater), a proposed 460-unit multifamily
rental project to be located in Cathedral City, California. Its
anticipated cost was slightly more than $17 million. The other
was the Ironwood Apartments (Ironwood), a proposed 312-unit
project located in Moreno Valley, California. Its anticipated
cost was slightly more than $12 million. Twenty percent of the
apartment units to be constructed in each of these projects were
to be set aside to provide housing for low-to-moderate-income
families.
SBE submitted detailed information concerning the
feasibility of the projects to Riverside County officials. Upon
receipt of the development information, the Housing Authority and
related county agencies conducted an extensive review of the
proposals to determine the need, feasibility, cost effectiveness,
accessibility, and desirability of these projects. The Housing
Authority approved the projects and thereafter engaged the law
firm of Camfield & Christopher to act as bond counsel.
James W. Newman, Jr., was a partner in the Houston office of
the law firm of Stubbeman, McRae, Sealy, Laughlin & Browder
(...continued)
a partnership in which SBE was the general partner.
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