Three Inland Empire Multifamily Properties Refinanced with $27M

By: Sharjeel Sohaib

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Aug 22, 2022

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Three multifamily properties in the Inland Empire totaling 286 units are up for refinancing for $27 million by the Northmarq San Diego regional office. Conor Freeman and Wyatt Campbell, vice presidents at Northmarq, drew together the deal, which included a 10-year duration and interest-only payments for the first ten years. 

Key Takeaways

  • The Northmarq San Diego regional office refinanced three multifamily buildings in the Inland Empire. 
  • Refinancing is helpful as it allows families to purchase their own homes at a lower cost than they would typically pay for rent or mortgages on other rental properties.

MultiFamily Properties: $27 Million Refinancing

The Fannie Mae platform was used to arrange the finance. The properties to be refinanced consist of:

  • 151 units in Grand Oaks Apartments in Lake Elsinore, California
  • 81 units in Sierra Vista Apartments in Lake Elsinore, California
  • 54 apartments in Palos Verde Townhomes in Moreno Valley, California

In a news announcement, Freeman stated, “Our team reduced recent interest rate volatility and locked rate within 48 hours of application through Fannie Mae’s Streamline Rate Lock option. The borrowers had a sizable amount of locked equity when they bought these properties more than 20 years ago. The substantial cash out from the permanent refinances allowed them to expand their portfolio.

Multifamily Properties in The Inland Empire 

The Inland Empire is one of the fastest-growing areas in California, and multifamily properties are a vital component of this growth. The multifamily market has changed dramatically over the past decade.

The Inland Empire has enjoyed a steady influx of new residents due to its excellent climate, quality schools, and affordable housing options. This has created a housing demand that has outpaced supply in many areas of the region.

In addition to residential units, commercial properties are available for lease and sale in many Inland Empire cities. These properties can be found in various locations, including industrial parks, retail centers, and office complexes.

The demand for multifamily properties in the Inland Empire is expected to continue for years. It’s because of the growing population base and increasing interest by investors around the country regarding this area’s real estate opportunities.

The Hoffman Company Facilitates the Sale of a 482-unit Apartment Project in Riverside.

Startempire Wire also reported about the selling of a multifamily apartment in Riverside County. The Hoffman Company recently completed the sale of a 482-unit apartment complex on about 18 acres that is a part of the larger 35-acre “The Exchange” mixed-use development. As there’s a shortage of multifamily homes in California, this 482 Unit multifamily apartment project is an excellent addition to the county.

Wrap Up!

Multifamily properties in the Inland Empire are becoming more and more important. The region is experiencing a boom in new construction, which has led to an increased need for multifamily properties. Multifamily properties are also being refinanced. 

Author

  • Avatar Of Sharjeel

    Sharjeel joined Startempire Wire as emerging technologies editor. Earlier, he worked at Silicon Canals, a leading English language technology media source for the Benelux and wider Europe. He covered the European technology and startup ecosystem digging into latest funding rounds of startups.

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