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11/11/21
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LuxView Properties has obtained $93 mil in preferred equity and construction financing for the development of Venue at Orange, a 328-unit, wood-frame, garden-style multi-housing community in Redlands. The financing was arranged by JLL Capital Markets.
With an expected completion of late 2022, Venue at Orange will offer a mix of one-, two- and three-bedroom units averaging 944 sf. The community amenities will include resident conference rooms for at-home work, a large community park with trails and jogging paths, community courtyard with a planned community center, demonstration kitchen, enclosed playground, community pool and state-of-the-art gym and outdoor exercise areas.
Venue at Orange will be the first new multi-housing development in the city of Redlands in more than 30 years. The project is minutes from a forthcoming ESRI station for the Redlands Passenger Rail project, an advanced regional transportation project designed to connect residents, businesses and visitors to local and regional demand drivers.
JLL’s Aldon Cole and Bharat Madan arranged a five-year, $66.8 mil, floating-rate loan through Principal Real Estate Investors. Additionally, JLL sourced $26.2 mil in preferred equity from a public REIT.
“Venue at Orange appealed to a broad cast of investors for both senior construction financing as well as the upper-tier portion of the capital stack,” Cole said. “We ultimately landed on a senior loan plus preferred equity, which was highly accretive for the borrower to capture the value creation over the past few years.”
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