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ETC... ETC... NEWS
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1,000-Unit Res Portfolio Lands $128 Mil Refinancing

7/23/24

San Diego-based Tower 16 Capital Partners has secured a $128 mil refinancing of a four-property multifamily portfolio comprising nearly 1,000 units across California and Arizona. The new fixed-rate agency loans feature five-year terms, are un-crossed and are full-term interest-only at a rate of 5.69%.

Ardella at Reche Canyon, Colton, CA
Ardella at Reche Canyon, Colton, CA
The portfolio includes: Ardella on Chagall, a 384-unit property in Moreno Valley, CA; Ardella on 67th, a 276-unit property in Glendale, AZ; Ardella at Reche Canyon, a 104-unit property in Colton, CA; and Ardella at Reche Ridge, a 110-unit property in Colton, CA. The Fannie Mae agency loans were originated by Newmark’s Peter Griesinger and Chris Kramer.

“We have been spending a lot of time figuring out ways to enhance value and drive performance across our portfolio despite the challenging market conditions. This refinancing will further de-risk our portfolio by extending our maturity schedule, reducing debt service payments, and fixing our interest rate for five years,” said Tower 16 Co-Founder Mike Farley. “Given the turbulent capital markets landscape, it was incredibly important for us to secure fixed rate financing with enough term to weather the volatility we are all experiencing today.”

“We have been starting to see apartment demand fundamentals firm up across our entire portfolio,” said Tower 16 Co-Founder Tyler Pruett. “These are markets that we have a lot of conviction in. Absorption has been at or near record levels in the first half of 2024. We have been able to start pushing rents and manage occupancy at a healthy level, which is great to see. In this capital markets climate, we felt that it was prudent to hold and continue focusing on the operations that we can control to further drive NOI growth and value.”





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