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2/29/24
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Bridge Investment Group has obtained an $81.1 mil Freddie Mac Optigo® loan to refinance a 397-unit multifamily property in Jurupa Valley, CA.
Vernola Marketplace Apartments is a luxury multifamily property built in 2022. Amenities at the community include a resort-style swimming pool, fitness center, clubhouse, dog park, playground, EV charging stations, game room, three outdoor kitchens, soccer field and resident events.
The non-recourse, fixed-rate loan was arranged by Clint Darby and Andrew Remenschneider at Greystone, working in conjunction with BMO Bank. BMO provided the construction loan on the property and collaborated with Greystone for a permanent exit on behalf of the borrower. The new loan was financed through Freddie Mac’s Optigo® Program and index locked within 24 hours after the Federal Reserve meeting in early November 2023, resulting in an opportunistic rate drop.
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