Gary Barnett’s Extell Development has locked down another slice of the Upper West Side, securing financing for the purchase of part of the former Walt Disney Company-owned ABC campus.

DMB Development, a Scottsdale-based developer specializing in large-scale communities in the Western U.S., announces groundbreaking for Silverwood, an expansive master-planned project in Hesperia previously known as Tapestry and Rancho Los Flores.

A massive housing project in the High Desert will literally test just how far folks will go to own a new home. An investment group is starting construction on the Tapestry housing development in Hesperia, which will have 15,663 homes when it’s all done. Yes, that’s on the other side of the Cajon Pass.

Dirt is finally expected to move on the massive — yet controversial — Tapestry project, the master-planned community in the Summit Valley area of Hesperia.

Project General Manager John Ohanian, who has championed the planning and entitlement efforts for Tapestry since its beginning, told the Daily Press that July is the target date for DMB Development to break ground on the 15,663-home site.

Campus Crest owns a 35% interest in the joint venture that holds the newest evo and the previously announced evo à Square Victoria, while Beaumont and its partners own a 65% interest. In conjunction with Holiday Inn acquisition, the partnership closed a new loan to help fund the conversion of both hotels into upscale student housing towers. The financing was provided by Royal Bank of Canada (lead), Bank of America and Raymond James. The partnership expects both evo properties to be completed for the fall of 2014, with leasing to begin in the first quarter of 2014.

The joint venture, which is owned 20% by Campus Crest and 80% by Beaumont, paid approximately $60 million for the property, including closing costs, fees and reserves. The partnership expects to obtain redevelopment financing later this year to fund the conversion of the hotel into an upscale student housing tower featuring a mix of single and double units. The redevelopment of the tower is slated to be completed for the fall of 2014, with leasing to begin in the fall of 2013.