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12/31/21
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An L.A.-based investor has obtained $92.7 mil in debt and equity financing for a 397-unit multifamily portfolio consisting of three properties in the Inland Empire. The transactions consisted of refinancings for two of the properties and acquisition money for the purchase of the third property.
Vista Springs, Moreno Valley |
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The financings, arranged by Judd Dunning with DWG Capital Group and Brian Bowis with Newmark Capital Markets, were funded through an undisclosed lender. The borrower is an experienced owner and operator of apartment communities.
The properties involved in these deals include:
• Vista Springs -- a 212-unit apartment community at 21550 Box Springs Rd in Moreno Valley. The newly placed loan funds the project and completes a successful capital improvements program, including the remodeling of the remaining 100 units and exterior improvements to provide parking garages and enclosed private patios.
• Highlander Pointe -- a 133-unit apartment community situated at 1055 W Blaine St in Riverside. The new loan enables the borrower to reposition the highly sought-after property, which is situated within a supply-constrained SoCal market. One of the few luxury properties within the Riverside market, the community offers significant value-add opportunities.
• Pebblebrook Apartments -- a 52-unit project at 631 Church St in Redlands that was just acquired. The acquisition will allow the sponsor to provide best-in-class housing within a high-income community located 60 miles northeast of Los Angeles and 45 miles west of Palm Springs.
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