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December 17, 2018
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Inland Empire Res Buy Financed with $26 Mil in Equity and a Bridge Loan


Crystal Asset Management has obtained $26 mil in financing for the acquisition of Ridgeline Apartments, a 160-unit, Class B apartment complex in San Bernardino. The financing, which was arranged by Walker & Dunlop Inc, included a combination of a bridge loan and joint venture equity.

Ridgeline Apartments consists of 10 two-story, walk-up residential buildings with one- and two-bedroom units. Located in one of Southern Californiaís healthiest economies with low unemployment and numerous educational and medical institutions, the asset is over 98% occupied.

The property is situated just a half a mile south on University Parkway from the California State University San Bernardino campus, which has over 21,000 students enrolled. Tenants have direct access to a brand-new Starbucks Reserve, located across the street from a neighborhood center anchored by Ralphs and LA Fitness.

W&Dís Gregory Richardson, Mark Strauss, Scott Watson, and Rob Quarton arranged the financing. This included $7.69 mil of joint venture equity with a California-based private investor and a three-year, interest-only bridge loan for $18.5 mil thorugh a regional bank.

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